LondonMetric signs Primark pre-let

Property developer LondonMetric has signed a deal to build a huge distribution centre in Northamptonshire for a “top 25 retailer” understood to be Primark. The warehouse on the A16 in Islip will span 1.06m square feet – the size of around 38 football pitches – and has been pre-let to Primark on a 25 year lease at an initial rent of £5 per sq ft. The 70 acre site was bought from Greatline Developments and will cost £77m to build, including the acquisition cost. Chief executive Andrew Jones said: “This is one of the UK’s largest ever pre-let developments and an integral part of our strategy to deliver well let short cycle developments in partnership with our key operators.”