The Commercial Property team at BPE Solicitors LLP has acted for Eddie Stobart, one of the largest privately owned transport and logistics companies in England, on a lease agreement to build a new 180,000 square foot distribution centre at its Dagenham logistics centre.
The terms of the transaction involved Eddie Stobart signing a new 26-year lease that covers the enlarged 436,000sq ft logistics centre, with a rent increase and five-yearly RPI rent reviews.
The development between Eddie Stobart and land owners LondonMetric Property Plc, will see two units demolished to make room for the new construction. LondonMetric purchased the existing warehouse for £56.5 million in 2015 and has since worked with Eddie Stobart to complete this deal and commence construction.
Rebecca Maxwell, Partner with BPE Solicitors, completed the agreement for lease for Eddie Stobart with LondonMetric, and said: “We are pleased to work with Eddie Stobart to deliver improved facilities for its operations. This is what BPE’s ethos is all about; we pride ourselves on these relationships, serving our clients’ interests to achieve their objectives.”
Eddie Stobart continues to execute its growth plans, and has announced that it will be floated on AIM next month.