Cubex is delighted to announce that it has completed the forward funding and pre-letting of its latest 155,000 sq.ft Grade A logistics scheme, Cubex155, in Monmouthshire.
Cubex155 which secured planning consent in October, has been pre-let to Owens Group on a 15-year lease. Owens Group are one of the UK’s leading 3PL’s, with a 50-year history and over 1m sq.ft of warehousing across the UK. The asset has been forward funded by a private investor for £25.5m.
Cubex155 is situated at junction 23A of the M4, providing instant access to the motorway network. The new development will be a welcome addition to an already established location, with the likes of Tesco and Amazon nearby. Owens Group will also benefit from excellent amenities at the neighbouring mixed-use development which comprises office, hotel, retail, and leisure uses.
ESG considerations have been embedded into all elements of the design, from electric car charging points encouraging greener modes of transport, to energy-efficient lighting, heating and cooling systems installed throughout the scheme to reduce energy consumption. The development is also targeting BREEAM Excellent and EPC A ratings.
In addition to its leading ESG credentials, the scheme will boast a fantastic specification, including 12m minimum internal eaves, 22 loading doors, 15% rooflights and a 50m yard with 50 HGV parking spaces.
Joe Downey, Managing Director of Cubex, commented: “We are delighted to have completed on the pre-letting and simultaneous forward-funding of Cubex155. Pulling a deal of this type off, in the current market is testament not only to thecommitment of the parties involved across all sides of the table, but to the quality of the asset we will be delivering. We will be starting on site in January, and once up and built, Cubex155 will set a new benchmark for logistics assets in Wales, in terms of location, specification and ESG credentials.
We have a number of other similar schemes in our development pipeline that we will be delivering on speculative basis, starting in the new year.”