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Northampton logistics firm procures Gateshead industrial unit

Logistics firm The Panther Group is set to open a new industrial hub in Gateshead, after taking a 39,000 sq ft unit at LGIM Real Assets’ 14 Follingsby Park.

Taking on a 10 year lease, the Northampton-headquartered company supplies nationwide 2 Man and 1 Man Assisted ‘White Glove’ Home Delivery Services and expects the new depot to be open by July this year.

Cushman & Wakefield in Newcastle acted for the owner Legal & General Investment Management Real Assets (LGIM), on behalf of its UK Property Fund. Panther was represented by Knight Frank.

Launched in 2006, the Legal & General UK Property Fund has grown from £100m to over £2.5bn today as it continues to see steady inflow of capital from both Retail and Institutional investors.

Matt Jarvis, Fund Manager of the Legal & General UK Property Fund, said: “We have recently completed a number of refurbishments initiatives at Follingsby Park as part of its comprehensive rebrand.

“As a result, we have seen significant occupier interest in the estate as demonstrated by this most recent letting to Panther Logistics.”

Richard Scott, Partner in Cushman & Wakefield’s National Industrial & Logistics in Newcastle commented: “Following its recent refurbishment, we received considerable interest in the unit before agreeing the letting to Panther.

“LGIM Real Assets is continuing to invest in the estate with an ongoing programme of refurbishment for vacant units and we anticipate there will be high demand due to the shortage of stock in the region.”