Victorian Plumbing Group has secured a 20-year lease on developer Caddick’s 544,000ft² speculative mega shed in Lancashire – less than three months after the scheme secured full forward funding.
The new distribution centre, which is scheduled to be completed in Autumn 2023, secured a funding
Deal in September 2022 agreed between Caddick Group, Goldman Sachs Asset Management and Canmoor.
Known as Connect 6 Preston, the facility is being built to achieve BREEAM Excellent and an EPC A rating. It will have 15m eaves, 50 dock and four level access loading doors, a 50KN/m2 floor loading as well as 62 HGV parking spaces
with a 60m yard depth.
KPP Architects designed the Farington Park project and NJL Consulting advised Caddick on planning.
The facility will become fully operational after a period of dual running with existing sites to ensure a smooth transition.
The new distribution centre will support Victorian Plumbing’s strategic expansion and will enable consolidation of a number of the Group’s existing sites, although some existing facilities will be retained to enable further adjacent category expansion.
A c.£50m right of use asset together with a corresponding lease liability of the same value will be recognised on the balance sheet, following completion of the fit out. After the initial period of investment and operational transition, cash outflows associated with this lease will be broadly neutral when compared to current property costs.
Founder & Chief Executive Mark Radcliffe said: “This new facility represents another exciting milestone for the business, providing us with capacity to manage growth in the long-term while further establishing Victorian Plumbing’s position as the No. 1 bathroom retailer in the UK. I am also delighted that this new facility will create additional jobs and further support our investment in the local area.”
