Occupier buys Northampton warehouse site

By Liza Helps Property Editor Logistics Matters

THE CONFIRMATION was made in a report to real estate analyst CoStar with market speculation linking the site to ecommerce retailer and 3PL Amazon.

The 55.8 acre site known as Plot 7 has got detailed planning permission and it is thought that the internet giant initially sought a pre-let on the site subject to planning. During 2023 however, SEGRO looked to sell land and sites to fund its development activity across the board.

In its annual report out last week SEGRO said: “Amid volatile capital markets and higher financing costs, we increased the pace of disposals to fund our development activity, generating £356 million of proceeds from asset and land sales, crystallising a profit of £39 million compared to book value. 

“In some cases, we have sold selective land plots to key customers to develop themselves.” The deal at SLP Northampton is an exemplar transaction.

Amazon has acquired sites  in other UK locations for its own development. The deal for the sale of the land is thought to have been completed at the end of last year.

The plot secured detailed planning in 2022 and will consist a 605,439 ft2 warehouse with three mezzanine floors as well as 156,317 ft2 of office and ancillary space,  bringing the overall space developed to some 2.86 million ft2. 

The planning statement from SEGRO noted at the time, that: “The proposed building is designed to meet the operational requirements of a bespoke occupier”.

SEGRO is investing £190 million in infrastructure works on the 500-acre site to include major upgrades to Junctions 15 and 15A on the M1 motorway. SLP Northampton will total around five million ft2 of space as well as a substantial country park and a 35-acre rail freight interchange.