Fenn Wright secure new tenant for former Co-op distribution centre

We are pleased to announce that Fenn Wright secured a new tenant for the former Co-op distribution centre at Boss Hall in Ipswich.  The letting was negotiated by Alistair Mitchell on behalf of East of England Co-operative Society.

Online retailer, MonuMart Ltd, which trades as Yaheetech, is a former tenant of the Co-operative Society, having previously occupied another unit on the estate.  Due to expansion they relocated to the former Billingtons Sugar building, Europa House, three years ago as tenants of Ipswich Borough Assets.  However, further growth for this successful firm now means they have taken a 15 year lease at the former distribution centre at Boss Hall Business Park, in addition to their current premises.  The warehouse extends to 127,600 sq ft and will now be fully reclad before the business moves into the premises later this year.

Alistair Mitchell, of Fenn Wright commented “We are delighted to have been able to assist with this letting on behalf of the Co-operative Society. It will be good to see the building refurbished and brought back into use and we wish Colin Louch and the rest of the MonuMart team every success with the continued growth of their business.”

L-R are Alistair Mitchell, Mantas Bertasisus and Roxana Petrea of MonuMart, Nick Denny of East of England Co-op and Colin Louch, Managing Director of MonuMart.

Nick Denny, joint chief executive for the East of England Co-op, said: “With Boss Hall having been a part of our co-op for more than 130 years, we’re excited to see one of our tenants growing and expanding their business, creating new jobs in the area and securing the future of this iconic site. We wish Colin and the team all the very best.”

Colin Louch, Managing Director of MonuMart Ltd. added “We are delighted to have secured the distribution centre on a long-term lease, to be known in future as The Yaheetech Building. Having previously been tenants of the EoEC on the Boss Hall estate, it is a dream come true to be taking charge of the anchor unit. Our ranges of office furniture, home gym equipment and pet products are leaders in their sectors online and we look forward to being able to offer additional local employment when the building reopens later this year.”

The warehouse market is going from strength to strength.  As many commentators have already highlighted, the logistics sector in our region has been boosted by the pandemic with a significant increase in enquiries, particularly for last mile delivery facilities.  The proximity of Port of Felixstowe, now a designated Freeport, and the availability of land for warehouse development along the A14 corridor, have brought the region into sharp focus.  Demand for warehouse space has been insatiable and the shortage of stock has led to premium freehold prices and rents being achieved, in some instances significantly over and above quoting terms.

In addition to selling, letting and acquiring commercial property, we provide a full range of services including valuations, property management and landlord and tenant advice. For more information, contact us on 01473 232701 or find out more about our commercial property services here.