Lodders' real estate head advises C.M. Downton on lease of new distribution hub
PUBLISHED: 10:38 04 October 2017 | UPDATED: 10:38 04 October 2017
Paul Mourton led Lodders' real estate team to secure the full-occupancy lease for C.M. Downton's new distribution facility on the Newhouse Farm Distribution Centre in Chepstow
Logistics business C.M. Downton has added a 280,000 sq ft warehouse on a 20-acre former Tesco distribution centre site near Chepstow to its growing property portfolio, with advice from head of the real estate practice of law firm Lodders.
Originally built specifically for Tesco in 1988, the property comprises a 248,975 sq ft temperature controlled distribution warehouse with 16,000 sq ft of office space, a gatehouse, extensive lorry and trailer parking, and separate car parking, on the 20.24 acres (8.2 hectares) site.
The new site is close to another of C.M. Downton’s sites in Chepstow and brings the company’s total number of UK depots to 16, including in Avonmouth, Coventry, Leeds, Chatham, Kings Lynn and Gloucester, where it also has its head office.
Lodders’ Paul Mourton said: “We are proud to provide legal support to C.M. Downton and are delighted to have assisted them in this latest acquisition. C.M. Downton is one of the UK’s leading independently-owned logistics firms and this latest site in Chepstow represents a sizeable distribution facility that is in a key location and close to motorway links, giving convenient and important access to the South and South West as well as into Wales. It is a significant addition to its storage and distribution capacity across the country.”
Andrew Downton, MD at CM Downton, commented: “Commercial leases for large warehouses are very detailed by their very nature. Paul Mourton manages to precis the key points that are significant and provides relevant practical advice in an expedient manner. He is at the top of his game.”
Paul Mourton added: “Lodders’ real estate practice has completed a string of substantial commercial property transactions in the last few months, including advising C.M. Downton on a 20-year lease of another distribution warehouse in the South West, the sale of a portfolio of distribution warehouses valued at over £200m making it the largest deal outside of London, and acting for a landowner on a collaboration and development agreement for the development of a new 46-hectare distribution hub.
“With instructions at such a high, the real estate team is growing and is now easily one of the region’s largest specialist real estate practices with nine partners and 23 fee earners and support staff.”
Berwin Leighton Paisner (London) acted for Tesco on the Newhouse Farm Distribution Centre, Chepstow, whilst Jones Lang LaSalle was sole agent.
Lodders’ real estate team acts for national and regional commercial property developers, residential property developers, house builders, investment companies and funders.