Property owner LondonMetric Property Plc (LondonMetric) has completed the development of its new Axis 32 logistics warehouse at Junction 32 of the M4 in Cardiff, pre-let to FPS Distribution (FPS).
FPS has now taken occupation of the new 35,811 sq ft warehouse on a 15-year lease, with LondonMetric being advised on the letting by property consultant Knight Frank. FPS is a distribution partner for a number of automotive brands, and is a subsidiary of AAG, the Alliance Automotive Group.
Neil Francis, head of the Knight Frank Logistics & Industrial division in Cardiff, said:
“This is the third industrial pre-let in South Wales in the past 12 months, which is bucking a trend and showing that occupiers are having to work with developers due to a lack of stock.
“The Axis 32 warehouse has been built to a high specification with BREEAM Very Good certification and nine metres clear internal height, and is in arguably the best location in South Wales, at the junction of the A470 and M4.”
Mark Stirling, Asset Director at LondonMetric, added:
“We are delighted to have completed this development and worked with FPS to provide them with a new and high-quality logistics facility. We look forward to extending our relationship with FPS over the coming years.”
