£30 million deal will fund next Omega project

A £30 million deal has been signed to forward-fund the delivery of the next proposed logistics premises on Warrington’s Omega South development area.
The agreement is between Omega Warrington Ltd (OWL) and property investment firm LondonMetric Property Plc.
It follows LondonMetric’s successful £47.5M funding of The Hut Group’s 690,000 sq ft warehouse, also on Omega South, last year. It also comes only a few weeks after OWL submitted a reserved matters  planning application for  for the c.356,000sq ft (c.33,000 sq m) logistics warehouse and ancillary office space.
The 7.65 hectares (18.9 acres) site sits within “Zone 7” –  an area within Omega South granted outline planning permission in May last year for 2.1m sq ft of manufacturing and logistics space.  The development site being purchased by LondonMetric is to the south of the new ASDA building, located in-between the new Plastic Omnium premises to the west and the 35 acres Green Heart to the east.
Liam Fennell, of KUC Properties Ltd, partner in OWL, said: “OWL has so far delivered three logistics/ manufacturing premises supporting hundreds of jobs on Omega South, for ASDA, The Hut Group and Plastic Omnium; we look forward to delivering a forth, again with LondonMetric. Through this latest deal and the submission of the planning application, we are seeking to build on that success at a time when occupier interest is significant.
“Our focus throughout is to ensure Omega South is open and attractive to businesses now, to maximise those opportunities and create more jobs for the area.”
It is expected that a decision on the reserved matters planning application for this plot will be made by Warrington Borough Council over the next couple of months. Pending a positive decision, it is anticipated that construction of the warehouse would then commence in March, with completion in December next year.
Omega Warrington Ltd is a joint venture between Miller Developments and KUC Properties Ltd, in partnership with landowner the Homes and Communities Agency and supported by Warrington Borough Council and the Cheshire and Warrington LEP.