The Co-operative Estates has completed the sale of its former East Midlands regional distribution centre (RDC) to a logistics company.
The RDC, at Blenheim Industrial Estate, Nottingham, has been sold to logistics firm Great Bear Distribution, which plans to use it for storage and distribution.
The 208,000 sq ft warehouse was closed as part of The Co-operative’s restructuring of its national distribution network. Operations have been consolidated into a new 500,000 sq ft RDC at Castlewood, at junction 28 on the M1.
The sale included an adjacent vehicle maintenance unit of 7,600 sq ft, with both areas covering around nine acres.
“The lack of speculative development in recent years now means that demand for large industrial units outweighs supply which has aided the sale,” said Geoff Player, director of commercial and investment property with The Co-operative Estates.
Player said it is the company’s tenth major industrial property transaction since it began restructuring its UK warehouses 18 months ago.
David Willmer, senior director at GVA, who acted on behalf of The Co-operative Estates, said: “The quality of the unit, together with its excellent accessibility to the motorway network, ensured that strong interest was received from both potential occupiers and investors.”
New regional acquisitions managers for Co-op Food
Meanwhile The Co-operative Food has appointed Raymond Gormley as regional acquisitions manager for Scotland and Rob Tindale for the same role in North London.
Gormley, who has 25 years’ experience in the property sector, has been tasked with acquiring sites for new food sites in Scotland, as well sourcing opportunities for store relocations.
“Having worked alongside us for a number of years, Raymond is familiar with the kind of stores that suit our portfolio, so will be able to hit the ground running,” said Stuart Hookins, director of portfolio and development.
“His experience and knowledge of the retail property sector in Scotland will be integral to growing the food business in this country, where we have a great portfolio already, where we have launched many successful new stores over the past few years and where there are many more opportunities to bring the Co-operative brand to new customers and members.”
Hookins said The Co-operative Group has identified London and the South East as 'priority areas' for new store acquisitions, with plans to open 50 stores in and around the capital by the end of the year. 'Rob brings a huge amount of experience within the retail property sector, particularly in North London, and he will be integral to growing the food business in this region,” he added.
The Co-operative has previously said it plans to open over 100 new stores in 2014, particularly in high street and local community locations.
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