Drake & Partners have acquired a brand new logistics and distribution facility for their client’s Hankook Tyre UK, at Prologis’ Apex Park in Daventry.
Prologis, the UK’s leading developer of logistics property, has signed an agreement with Hankook Tyre UK Ltd, to provide a new build-to-suit unit at Prologis Apex Park, in Daventry.
Hankook Tire & Technology is one of the world’s leading tyre manufacturers and its .subsidiary has used the location of Daventry, including Apex Park, as its main distribution hub.. The company has agreed terms to take DC9, a brand new, high spec unit comprising 357,221 sq. ft. on a 22-acre site on the park. Construction is scheduled to complete in early 2024
Since entering the highly competitive UK tyre market in 1993, Hankook has been recognised as an industry leader – in product performance, innovation, productivity and sustainability. This new development forms part of the organisation’s plans to continue to grow its UK business.
Prologis Apex Park is part of a thriving employment area on the northern edge of Daventry in Northamptonshire. The site, which sits within the logistics ‘golden triangle’ at the heart of the UK’s motorway and rail network, has convenient access to the A45, M1 and M45, as well as the rail freight facilities located at nearby Prologis RFI DIRFT. Other Prologis customers at Apex Park include Toolstation, JD Wetherspoon, Hellmann Logistics, Optima Logistics and Cummins.
James Straw, Associate, Capital Deployment and Leasing at Prologis UK, said: “Hankook has been a customer of ours at Apex Park for a number of years and so it’s fantastic to be able to work with the business to provide a new state of the art logistics facility for their future growth and expansion. At Prologis we have a strong track record of delivering build to suit projects and are constantly looking at ways to improve our buildings. We are delighted to be delivering a building which will meet Hankook’s high expectations both operationally and from a sustainability perspective. Construction will soon be underway and like Hankook, we can’t wait to see DC9 come out of the ground.”
Chang Yool Han, Managing Director of Hankook Tyre UK, said: “Apex Park was the obvious choice for our growth as it meant we were able to provide continuity for our existing staff, and execute our growth in the utmost sustainable and ecofriendly manner plus it serves as an excellent central location for the UK market that we supply. We have been working with our advisors Drake & Partners and Excello Law for a significant period to understand our current and future requirements to grow the business and Prologis have also worked closely with us to accommodate what we need. Moving into DC9 is a significant step on our growth journey and we are looking forward to working with Prologis further”.
Tom Drake, Partner at Drake & Partners commented: “We have been working with Hankook and Prologis for nearly 12 months now to unlock this deal and are delighted to have assisted in getting this signed up. Acting for Hankook, we have spent significant effort to help them review their property requirements and wider business needs, and we look forward to seeing Prologis deliver this state of the art new building”.
DC9 at Prologis Apex Park is due to start imminently, with completion expected in early 2024.
Prologis were advised by ILP Partners, Cushman & Wakefield and Colliers. Hankook was advised by Drake & Partners.