Contracts have been exchanged on the 350,000 sq ft shed at Midpoint 18 between landlord, German bank Helaba, and distribution group Kuehne & Nagel to service the motor giant.
Kuehne & Nagel has started fitting out the high bay warehouse unit known as Titan after agreeing terms to lease the unit. The third party logistics operator will be running a new parts distribution contract for Fiat from the facility.
The letting of the unit is good news for Midpoint which recently suffered the vacation of two distribution units formerly occupied by Tesco. Titan was constructed three years ago by Pochin and Northridge Capital and suffered a number of false starts due to the uncertainties within the big shed sector but was identified some six months ago by K&N as their preferred distribution location for the subject contract.
Matthew Pochin, director of Lamonts, acted for the landlord. He said: "The building had been vacant for some time however it was originally built to a high specification with ample external yard areas which work well for the tenant."
The lease is for six years on a full repairing and insuring lease.
Lamonts and King Sturge acted for the landlord and Clews & Co acted for Keuhne and Nagel.