Duchy completes 10-year lease with global courier firm TNT

The Duchy of Lancaster has completed a deal to rent 22,700 sq ft of warehousing space in London to global courier business TNT.

The Duchy has agreed a 10-year lease with TNT for 68 Willow Walk in Bermondsey, a modern warehouse facility formerly let to City Link, which entered into administration in December 2014.

Mike Andrews, head of commercial at the Duchy of Lancaster, said: “TNT is relocating from nearby due to the redevelopment of its existing building and required new premises within the same strategic location.

“We were able to put together a successful transaction which simultaneously took a surrender of the lease from the administrator and the surety and granted a new-10 year-lease.

“The Duchy worked closely with all parties to complete a transaction three weeks after City Link vacated the property, preserving our income stream, suffering no void costs due to the administration and securing a new 10-year income stream to an excellent covenant.”

TNT were represented by 3PL Real Estate.