The logistics asset, which is fully let to Deta Electrical Company on a 15-year lease, comprises a self-contained distribution warehouse with a floor area of 68,610 sq ft. The property, which was developed in a 6 month time frame including tenant’s fit-out, reached Practical Completion at the end of January.
The news follows the announcement in June last year that Deta Electrical signed up to take the industrial facility for its new distribution centre and head office. Deta is well-established as a leading supplier to the UK electrical wholesale sector with a strong presence in export.
Charlie Foster, director in the Savills investment division, comments: “Panattoni Park Luton offers a unique opportunity for occupiers seeking prominence from, and easy access to the southern M1 motorway. We are pleased to have achieved this excellent result on the investment disposal on behalf of our client.”
Panattoni Park Luton is located immediately adjacent to the newly built junction 11A on the M1. In January, Panattoni completed the adjoining 346,000 sq ft warehouse on the park, which is now available for immediate occupation; it is the only new build warehouse unit over 300,000 sq ft currently available in the South of England. Panattoni currently has over 8m sq ft of development in the pipeline