Tritax Big Box REIT (LSE:BBOX) has reached practical completion of a 1 million square foot logistics facility at Symmetry Park, Kettering, with lease commencement now confirmed for its pre-let to Amazon.
The largest listed investor in UK logistics warehouses said the building secures £9.8 million of annual rental income under a 20-year lease with five-yearly index-linked rent reviews.
The scheme delivers a yield on cost at the top end of the company's 6-8% guidance range, ahead of its original expectations.
Completion of the Amazon building, described as the retailer's largest UK cross-dock warehouse, marks delivery of all three committed buildings at Symmetry Park, taking the 136-acre scheme to 1.6 million square feet in total.
The park also houses a 0.3 million square foot unit let to Iron Mountain and a 0.3 million square foot national distribution centre built for Greggs.
The Amazon facility was built to Grade A specification, achieving an EPC A rating, BREEAM Excellent certification and Net Zero Carbon in Construction standards, and is expected to support around 2,000 jobs once fully operational.
"Reaching practical completion on this facility, Amazon's largest UK cross-dock warehouse, is a significant milestone for Symmetry Park, Kettering and for our relationship with Amazon", said Colin Godfrey, chief executive of Tritax Big Box REIT.
He added that the company's land platform positions it "to capture continued demand for high-quality logistics space".