Omega Warrington Ltd has signed a deal with investment firm LondonMetric Property to forward fund the delivery of a 356,000 sq ft logistics warehouse at Omega South for £30m.
The agreement follows LondonMetric’s £47.5m funding of The Hut Group’s 690,000 sq ft warehouse, also on Omega South, in 2014.
OWL has submitted a detailed planning application for the scheme, which includes warehouse and ancillary office space.
The 19-acre development site sits within Zone 7, an area within Omega South which has outline planning permission for 2.1m sq ft of manufacturing and logistics space. The development site purchased by LondonMetric is to the south of the new ASDA building, located between the new Plastic Omnium premises to the west and the 35-acres Green Heart to the east.
OWL is a joint venture between Miller Developments and KUC Properties, in partnership with landowner the Homes & Communities Agency and supported by Warrington Council and the Cheshire & Warrington LEP.
It is expected that a decision on the planning application for this plot will be made by Warrington Council over the next couple of months. Pending a positive planning decision, it is anticipated that construction on the LondonMetric warehouse would start in March 2016, with completion in December 2016.