Concorde Logistics operated a network of 26 distribution properties across the UK. For historical reasons, most units within the portfolio were not fit for purpose, either because of location, size or fit out and operational efficiencies could not be leveraged.
A strategy of rationalising the network and over a period of 5 years, the estate was reduced to 6 purpose build warehouses. This was achieved by taking advantage of lease expiries, coupled with negotiations with Landlords for early exits and the acquisition of purpose built premises on new leases.
A key part of the strategy was the acquisition of a new high specification high bay warehouse and offices totalling 420,000 sq ft on Magna Park, the premier distribution park in the UK situated in the ‘Golden Triangle’ bordered by the M1, M6 and M69.
The shell property was taken on a new 20 year full repairing lease at market. The subsequent fit out involved the installation of 500,000 sf of mezzanine space together with extensive 15m high racking at a cost of £8.5m.
I was responsible for execution of property element of the whole strategy which was delivered within the 5 year timeframe. The Magna fit out was completed on time and to budget.