Knight Frank has secured a significant new letting in County Durham on behalf of rapidly expanding two-man delivery service specialist, Panther Logistics.
Panther Logistics has taken a 133,000 sq. ft. warehouse at Foxcover Distribution Park in Seaham after outgrowing its 42,000 sq. ft. space at Follingsby Park in Gateshead, which Knight Frank acquired for Panther in 2017.
Panther started off with five staff, 40 deliveries a day, a £3m turnover and a 12,000 sq. ft, warehouse in Peterlee, in 2013.
Rapid growth saw the firm move to Follingsby Park in Gateshead and five years later they need to triple their space to support 180 staff and 1,300 daily deliveries, whilst steering towards a £100m expected turnover by April this year.
Due to a chronic shortage of industrial properties in the North East, competition for the Foxcover high bay distribution warehouse was fierce, with two companies going down to the wire in the hope of securing it.
Partner at Knight Frank, Mark Proudlock, who struck the deal, said: “The occupier market is incredibly strong and available industrial and logistics space in the region is scarce. We were up against tough competition for this unit and we are delighted to have secured it on behalf of our client as a platform for their continued growth.”
Panther Logistics needed the additional space to be able to expand its offering to clients – from just delivering their domestic goods, to also tipping containers for them, storing the products, and delivering them to the end user. The firm recently started covering Scotland and the Foxcover facility will service two of their major clients – home gym specialists, Ifit, and suppliers of cooking appliances, extractors and plasma filters, Kitchen Ex.
Panther offer a premium, two-man delivery service where a white-gloved duo deliver, and assemble any domestic goods in the customer’s home – from kitchen appliances, to fitness equipment.
Director of Home Delivery at Panther Logistics, Chris Holmes, comments: “A lot of our original team from when we were based in Peterlee, stayed with us when we moved up to Follingsby in Gateshead so it’s great for them to be working closer to home again.
“The new unit is already operating at capacity so the future is looking bright and we are excited to be going from strength to strength.”
Savills and Naylors Gavin Black acted on behalf of the landlord – real estate investors, Vengrove – which recently completed a deal to buy the property.
Keith Stewart from Naylors Gavin Black adds: “The landlord is delighted to welcome Panther Logistics as its new tenant at Seaham. The unit going under offer while refurbishment works were still ongoing is yet further testament to the strength of demand we are currently experiencing for logistics and industrial space in the region.”