The new Co-Op building has been secured on the basis of a new 20-year lease at a rent of £7.10 a sq ft in a deal with developer db symmetry.
Symmetry Park, Biggleswade, which totals 50 acres, was purchased by db symmetry in summer 2017. It has planning permission for 1 million sq ft of logistics floorspace.
Jo Whitfield, retail chief executive at the Co-op , said: “We are winning with our strategy to get closer to our customers’ and their shopping needs by offering the products they want and care about from stores which are closer to where they live. The new site will future-proof our operations and extend capacity across our logistic network. This will enable existing stores to better serve communities, and support our ambitious growth plans across London, the South and South East.
Andy Perry, Supply Chain & Logistics Director, Co-op, said: “The infrastructure and site selection will deliver greater agility, scale and efficiency - improving service and availability at existing stores while building capacity to support our store investment programme and ambitions for continued growth. The new site will form part of an integrated review and rebalancing of volumes across our network – it will provide greater scale while future-proofing our operations. The move will reduce road miles, overall supply chain costs and supports our stores in the South by having more of our products closer to our members and customers and the communities in which they live and work.”
Colliers and Brown & Lee act for db symmetry at Symmetry Park, the Co-Op were advised by Matthews & Goodman.