The firm has signed a 10 year lease on a unit at at LGIM Real Assets’ 14 Follingsby Park site.
Northampton-based Panther Logistics will be using the new hub to offer its next day delivery service.
Follingsby Park is located in a prominent position on the A194 and is widely regarded as the North East’s premier distribution location. The unit was comprehensively refurbished in August 2016.
Cushman & Wakefield in Newcastle acted for the owner Legal & General Investment Management Real Assets (LGIM), on behalf of its UK Property Fund. Panther was represented by Knight Frank.
Matt Jarvis, Fund Manager of the Legal & General UK Property Fund, said: “We have recently completed a number of refurbishments initiatives at Follingsby Park as part of its comprehensive rebrand. As a result, we have seen significant occupier interest in the estate as demonstrated by this most recent letting to Panther Logistics.”
The depot is set to open in this spring.
