A significant real estate transaction has been completed for a KNP Logistics warehouse near Kettering.
- The property, located in Islip close to the A14, consists of extensive facilities.
- KNP Logistics Group’s entry into administration followed a ransomware attack, leading to job losses.
- Lambert Smith Hampton managed the sale, attracting substantial interest from investors.
- The new site’s buyer remains undisclosed as legal processes conclude.
A former KNP Logistics warehouse, situated near Kettering in the village of Islip, has been sold in a multi-million pound deal. This substantial property features a 143,818 square foot site, encompassing three interconnected warehouses, two office configurations, and a large steel portal-framed canopy. Additionally, it includes undeveloped land, making it a significant asset strategically positioned just seven and a half miles from Kettering and close to the A14, a major transport route.
The KNP Logistics Group, prior to this sale, entered administration in September 2023, predominantly due to a debilitating ransomware attack. This unfortunate event led to more than 700 employees being made redundant. The KNP group comprised various transport firms, including Knights of Old, Nelson Distribution, Steve Porter Transport, and Merlin Supply Chain Solutions, all affected by the sudden administrative downturn.
The sale was orchestrated by Lambert Smith Hampton, whose capital markets team launched a comprehensive marketing campaign that drew significant interest from a myriad of investors and potential occupiers. “Following an all-encompassing marketing campaign which resulted in significant interest, we were able to select a party in order to take the transaction forward which resulted in a positive outcome for our client,” said Richard Durkin, LSH director.
Despite the interest, the identity of the purchaser remains confidential. The most recent report from administrator FRP Advisory indicated that the prospective buyer had requested a licence to occupy the premises temporarily, from February to May, while legal and financial arrangements were being finalised. This provisional agreement involved a monthly fee of approximately £48,000, although the exact details of the sale price have not been disclosed to potentially protect future transactional processes.
As a result of the sale, there have been no disclosures regarding the agreed sale price, with an emphasis on preserving confidentiality in case the current purchaser does not complete the transaction. This careful approach highlights the complexities and sensitivities involved in high-value property transactions, especially when layered with the administrative intricacies following the collapse of a substantial logistics entity.
The confidential sale of the former KNP Logistics site underscores complexities in high-value property dealings post-administration.
