£47.5M Funding Deal Announced for The Hut Group’s New 690,000 SQ FT Premises
Omega Warrington Limited (OWL), a Miller Developments joint venture partnership, has signed an agreement with LondonMetric Property Plc (LondonMetric) to forward-fund a new 690,000 sq ft retail logistics and manufacturing centre for The Hut Group (The Hut) at Omega, at junction 8 of the M62 in Warrington.
The £47.5 million deal follows the securing, by OWL, of Reserved Matters planning consent (converting outline consent to detailed) for The Hut Group, a specialist on-line retailer and brand owner, selling high repeat purchase goods direct to consumers across the Health and Beauty sectors.With the funding now in place, The Hut Group has formally signed to become Omega South’s second occupier along with ASDA, providing hundreds more jobs on site. Construction of the development will begin this month with completion expected in autumn 2015.
The Hut Group’s new premises on the 41 acre plot will support a mixture of functions including logistics, manufacturing and offices plus a further 150,000 sq ft of additional expansion land. The new facility will bring over 2,000 jobs to Omega South.
Andrew Sutherland, joint MD for Miller Developments, said: “This transaction really puts Warrington on the map and demonstrates the willingness of investors to participate in the North West’s growing logistics and manufacturing sector. We welcome The Hut to our ever-growing family of successful businesses on site and continue to work hard with our partners to maintain the momentum generated for the maximum benefit of local people.”
The new premises are being built to consolidate The Hut’s four existing UK distribution units. The facility will be used to satisfy both its domestic and rapidly growing international operations.
Deborah McLaughlin, the HCA’s Executive Director for the North West, said:“Securing The Hut Group at Omega is fantastic news for Warrington and the wider region. We have been transforming Omega into a major high quality employment park over the last few years, and this latest success brings yet another significant employer into the area.”
The Hut’s site, which now has detailed planning consent, is located within ‘Zone 7’ of Omega South, which was granted ‘outline’ planning consent in May 2014 for 2.1 milion sq ft of logistics and manufacturing space, a new access road and a 35 acre ‘Green Heart’ habitat creation area.
Cllr Terry O’Neill, leader of Warrington Borough Council said: “We are proud to welcome The Hut Group to Warrington and to Omega and are looking forward to working with them. In only eighteen months Omega has been transformed from an undeveloped former airbase into the North West’s premier business location of choice. It is superb that yet another high calibre business is joining the Omega family.”
The Hut Group will join other thriving businesses at this major employment site including ASDA on Omega South and Brakes, Hermes and Travis Perkins on Omega North.
GVA and JLL are the letting agents for logistics and manufacturing opportunities in Zone 7.