Regatta takes 400,000 sq ft at Pioneer Point

The outdoor clothing supplier has agreed a 15-year lease with Royal London Asset Management to take the remainder of the shed in Ellesmere Port.

Regatta's deal marks full occupation for the 625,000 sq ft building, completed in December 2005 by developer Rosemound and then sold to RLAM. In autumn 2009, Interserve, a facilities services provider, completed the first deal at the building, for 232,000 sq ft. Regatta has taken 393,000 sq ft. Quoting rents are £4.50/sq ft.

Jo Radcliffe, head of human resources at Regatta, said the company aimed to employ 200 people at the site, which could be operational by November. She said: "We hope to have around 75 people employed and trained by Christmas and the remainder of jobs will follow on a phased basis over the next two to three years."

Mike Rooney, partner at WHR Property Consultants, advised Regatta. He said: "This is a fantastic deal not only for Regatta but for the industrial market as, outside of London, it is probably the biggest industrial deal so far this year and is a clear indicator that the market is slowly turning. Regatta is experiencing huge growth in its sector and with few large sheds readily available, we were able to negotiate a great deal for our client which also allows flexibility for further expansion going forward."

Rooney continued: "As more and more buildings are being taken up the supply of existing industrial stock is rapidly diminishing which means that landlords are going to adopt a position of greater strength as soon potential occupiers will have no choice but to look at design and build options if requiring new premises."

The announcement comes in the run up to Celebrate Cheshire, a two-day event showcasing the area's business credentials, which gets underway on Friday 16 September.

Chris Brown, chief executive officer of Marketing Cheshire, organising the event in partnership with Cheshire Business Leaders, said: "This is fantastic news for Cheshire and highlights the potential that exists for further investment and job creation.

"It is that potential which Celebrate Cheshire aims to tap into, showing off the best of our enterprise and business – and the attractive investment opportunities that exist here. The event will act as a catalyst for investment and growth, regeneration, enterprise and development and, hopefully, will lead to more good news announcements, like Regatta's, in the future."

Jon Thorne at CB Richard Ellis and Steve Moriarty at Moriarty & Co acted for Royal London Asset Management.