Goodman confirms 468,000 sq ft development at Andover and agrees investment opportunity to Legal & General Property for GBP 47 million
provider of industrial and business space, will commence development of a pre-
let 467,891 sq ft (43,484 sqm) regional distribution centre (RDC) at Andover
Commercial Park (formerly Andover Airfield), for The Co-operative Group on a
20 year lease. Goodman has also transacted the forward funding and acquisition
of this development with Legal & General Property (LGP). This announcement
follows the receipt of planning approval by Test Valley Borough Council on
January 2010
The distribution centre to be developed for The Co-operative Group, the
UK’s fifth largest food retailer, will achieve a BREEAM rating of “Very Good”.
It will be positioned at the north western corner of the former airfield site,
with direct links via the A303 to
commence in
Following its acquisition of the Somerfield supermarket chain in 2009, the
new warehouse will enable The Co-operative Group to reshape its distribution
network in this part of
“This is an exceptional and rare investment opportunity and we are very
pleased to be working with a specialist partner such as Goodman. With a high
spec design, excellent sustainability credentials, strong logistics location
and indexation through the lease, the asset, ticks all the boxes for us.”
Goodman’s Group Chief Executive Officer,
significant development is one of the largest pre-let transactions to be
announced in the UK over the last 12 months and we are pleased to be
undertaking it on behalf of The Co-operative Group.”
“We are experiencing renewed customer and investor demand in the UK and
across our markets around the world. This transaction demonstrates our ability
to successfully deliver on our pre-let and pre-funded development strategy,
with high quality investment partners such as LGP,” Mr Goodman added.
Andover Commercial Park extends to 100 acres with the potential to
accommodate a further 1.2m sq ft development for a mix of uses including
distribution, office, hotel and retail. The location provides excellent
access to
to a skilled local workforce. Goodman will shortly commence marketing the
site, with fully serviced plots available by the end of the year.
Goodman was represented by Savills and
Notes to editors:
About Goodman Group (ASX: GMG)
Please visit: http://www.goodman.com
About Legal & General Property (LPG)
Please visit: http://www.lgim.com/property/
For further information on Goodman please contact:
Joanna Reid
Tel: +44-20-7269-9348
Email: jo.reid@fd.com
Richard Stocks
Tel: +44-20-7269-9348
Email: richard.stocks@fd.com
For further information on Legal & General Property, please contact:
Dido Laurimore/Jamie Robertson/Olivia Goodall
Financial Dynamics (for Legal & General Property)
Tel: +44-20-7831-3113
Sarah Rees
Legal & General Property
Tel: +44-20-3124-2700
SOURCE Goodman