Investec Real Estate has provided Norton Group with an £80m financing package to fund the development of a state-of-the-art distribution centre in Suffolk, which is 100% pre-let to The Range.

Once complete, the 1.2 million sq ft, £200m scheme will serve as The Range’s main South East of England distribution hub and create around 1,650 new jobs.

Ed Boughton, of Investec Real Estate, said: “Demand for tenant critical, high quality logistics space has remained strong throughout the current period of macroeconomic volatility, with occupiers seeking highly sustainable, best-in-class buildings with excellent transport links. This financing is a fantastic opportunity to assist The Range, a significant Investec client, with its growth ambitions.  Being able to support it through multiple offerings across the bank is a great demonstration of our relationship banking ethos.”  

The development is located at Gateway 14, East Anglia’s newest and largest business, innovation and logistics park. Adjacent to junction 50 of the A14, 26 miles from Felixstowe Port.

The distribution centre is part of The Range’s aggressive growth strategy that will see it significantly increase its existing store portfolio, in addition to its growing online presence. 

Alex Simpkin, CEO at The Range, said: “This is not only a major landmark in the expansion of The Range’s estate; it is positive news for the UK retail sector.

“This vast distribution centre is one of the biggest warehouse developments in the UK in the last five years and will allow us to expand to further locations around the UK, delivering new jobs and store openings, as well as providing an even better service in store and online for customers by allowing us to expand our product offering and that of the newly acquired Wilko brand.”