AO EXPANDS PRESENCE IN CREWE WITH Q110 LETTING

Acting on behalf of joint venture partners Quorum Estates and Cabot Properties, commercial property agents Legat Owen and Knight Frank have announced the letting of Q110 in Crewe to AO Plc.

Located on Weston Road in Crewe, the 111,287 sq ft distribution was speculatively developed by the joint venture. AO, which already occupies two high bay distribution units in Crewe totalling approximately 750,000 sq ft, has taken Q110 on a five-year leases at xx per sq ft.

Speaking about the deal, Matt Pochin, director at Legat Owen, commented: “This is very positive news for the market. The decision to speculatively build this facility was originally made as there was already a latent demand for logistics space in Crewe. Current market conditions have meant this demand has only intensified and we were pleased to provide AO with the additional space it required to further expand its business and serve its customer base.”

Jon Atherton, director at Cabot Partners Limited, added: “On behalf of our investors, we are proud to add Ao.com to our portfolio of occupiers. The quality of the project and the successful outcome is a testament to the strength of our joint venture partners at Quorum and our leasing team.”

Paul Cook, director at Cheshire-based Quorum Estates, concluded: “Q110 is an excellent facility and we have had several of interested parties since we completed the building last year. The area is already home to a number of high-profile occupiers including Warehouse One, Boughey Distribution and Bargain Booze and AO’s decision to expand here only further establishes Crewe as a major logistics club.

Formed in 1986m Cabot was founded with the vision of bringing together a collaborative team of experienced real estate professional dedicated to creating portfolios of profitable investments through the execution of sound and disciplined strategies. The six senior principles have collectively spent 18 years together executing industrial real estate transactions in markets across the U.S. and Europe and through multiple real estate cycles. In its 30 plus year history, Cabot has invested $9.6 billion in 181 million sq of industrial real estate, of which $7.3 billion has been realised. During this time, Cabot has managed and operated over 1,390 buildings comprised of over 3,800 tenants. Quoting rental is £6.25 per sq ft.