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Iron Mountain 1m sq ft Rugby deal among ’22’s biggest: Tritax

Data centre and document storage firm Iron Mountain is to open its first UK campus in Rugby, Warwickshire in 92,900 sq m (1 million sq ft) which it will lease at Tritax Big Box’s Symmetry Park development.

The company is taking four buildings where it in turn will provide customers with flexible warehousing space and logistics services.

Iron Mountain said the site will serve as a central hub from which it will provide services such as pallet storage, B2B fulfilment, document storage and data storage.

The opening of the sites will be staggered across 2023, with 321,000 sq ft of warehousing space due to become available during the summer and a further 643,000 sq ft of space being offered towards the end of the year.

The deal with Tritax follows recent openings of sites in Kettering and Lutterworth.

These included two sites at Magna Park North, Lutterworth, which provide a combined storage capacity of 800,000 sq ft, and a facility at Prologis Park, Kettering.

Tritax said it is letting each of the four buildings on new 15-year leases with five yearly open market rent reviews. Collectively, the four buildings will deliver a yield on cost within the REIT’s 6-8% guidance range;

Tritax Big Box CEO Colin Godfrey said the deal with Iron Mountain will be “one of the largest UK letting transactions completed so far this year”.