Gazeley has rescued Primark after the budget fashion chain’s Leicestershire warehouse was destroyed by fire last week.
Primark has taken a short-term lease at Gazeley’s 422,800 sq ft aptly named Hydro unit at Magna Park until its own warehouse, also at the park, is rebuilt.
The fire took hold at the TNT-operated warehouse at 6.30pm on 1 November. Gazeley had developed the 440,000 sq ft unit, worth an estimated £35m, four years ago and then sold it to Scottish Mutual as part of a £46m portfolio.
In August, it was sold to ING Real Estate as part of the Abbey-managed £1.3bn Dove portfolio.
A spokesperson for Leicestershire Fire & Rescue Service said: “The fire spread quickly through the building and the cause is still being investigated.
“We are inspecting the building on a daily basis, as there are still isolated fires in it.”
Bruce Topley, development director at Gazeley, said: “Gazeley is working closely with TNT and its landlord to reconstruct the warehouse building and get TNT back into its premises without delay.”
The developer completed the speculative Hydro building, a joint venture with Metropolitan Life Insurance, in May. M3 and Burbage Realty advised Gazeley.
Rents at Hydro are quoted at £5.25 per sq ft.
References: EGi News 11/11/05
