One of the UK’s largest logistics companies, Howard Tenens Logistics Limited, has completed a major deal to lease over 140,000 sq ft of warehouse space in Newport, Wales.
Leased for six years from the landlord, Associated British Ports (ABP), the deal for the unit known as Neptune Works was organised between Howard Tenens and global real estate firm, Cushman & Wakefield who acted on behalf of ABP/
Commenting on the transaction, ABP identified Neptune Works as a strategic acquisition in 2018 as a means of helping to consolidate their estate ownership at the entrance to Newport Docks.
“We were pleased to assist in agreeing a new lease with Howard Tenens, something that was greatly aided by ABP’s adoption of a collaborative approach with the tenant, agreeing (and part-funding) a scope of refurbishment works that were undertaken to provide a suitably specified premises from which Howard Tenens can service their client contracts. Howard Tenens Logistics will be using the unit for a period of six years as part of the lease.”
Simon Emms, Managing Director – Property at Howard Tenens Ltd added: “Having refurbished this facility in a very short space of time; our Logistics business has been able to exceed their customers’ expectations and demands. We appreciate ABP’s commercialism and swiftness in facilitating this transaction and look forward to working with them in the future.”
The large 145,236 sq ft warehouse premises was formerly home to AIC Steel before it was acquired by ABP is one of South Wales’ largest property transactions last year. The unit is part of a self-contained 9.53-acre site near the entrance to the Port of Newport.
Speaking on the new deal, Haydn Dawson, ABP Estate Manager, South Wales, said: “We are delighted to have secured the business of Howard Tenens, and we look forward to a positive working relationship in the years to come.
“To prepare the site, ABP made significant investments in upgrading the property alongside our customers, and it is great to see that our efforts have led to a positive outcome.”
Featured Image: Haydn Dawson of ABP (left) and Simon Emms of Howard Tenens Ltd (right), pictured in the new Howard Tenens warehouse facility at ABP Newport.