The Standard Life Investments Long Lease Fund is investing £30 million to forward fund the development of a new warehouse and distribution centre for Poundland, Europe’s largest single price general merchandise discount retailer.
Poundland – which has its headquarters at Willenhall in the West Midlands – has agreed a 20-year lease on the proposed 335,275 sq ft facility. Situated off the M6 near Wigan, the completed development will be Poundland’s North West regional hub, creating 800 jobs locally.
Birmingham-based commercial property developer, Stoford, has been appointed as the development partner for the project and will deliver the Webb Gray-designed building. Work is expected to start on site in September with anticipated completion in June 2016.
Poundland’s Head of Portfolio Management, Ben Wall, said: “Poundland continues to grow its estate rapidly with 60 new stores acquired in 2014/15 and a further 60 new stores planned for 2015/2016.
Cushman and Wakefield advised Poundland.