Boots has acquired one of the region’s largest available industrial developments in a multi-million pound deal with Warwickshire-based Opus Land - the largest deal of its kind for three years.
The chemist giant has reportedly bought the 466,000 sq ft Opus Axis warehouse scheme in Burton upon Trent on the Centrum 100 business park for £55 per sq ft - around £23million. The scheme has been developed by Opus Land with the backing of the Palmer Active Development Fund.
The deal represents the largest long-term occupational transaction in the Midlands for three years.
Michael Alderton of Lambert Smith Hampton said: “This is a long-term strategic investment for Boots UK Limited who is amalgamating an existing distribution unit in Worcester and two in Nottinghamshire at this new dedicated facility.”
Gareth Williams, Development Director at Opus Land said: “We are delighted to have completed this transaction which highlights improving conditions in the industrial market as well as the quality of this unit. Like most landlords, we were faced with an aggressive negotiating stance from the occupier, but the outcome was a win-win situation for us both in the current climate.”
The unit was purchased by Opus Land in 2007 from Littlewoods Group, who took a 12 month lease back before Opus undertook a comprehensive refurbishment and extension of this purpose built distribution warehouse.
Boots was represented by Lambert Smith Hampton and Opus Land was represented by Jones Lang LaSalle, GVA Grimley and BP Paribas.