John Lewis Partnership is in detailed talks with Gazeley to take a second mega-shed in Milton Keynes.
The retailer is looking at taking a 25-year lease on a unit of around 700,000 sq ft at Magna Park. The site is adjacent to JLP’s existing 650,000 sq ft warehouse, which is owned by the Crown Estate.
Talks are underway over a regear of the Crown shed, adding a further 10 years to the 15 years remaining on the lease and potentially enabling a sale of the property.
The Crown paid £72m – a 4.9% yield – for the shed in 2007 and had tried to sell it this summer.
Burbage Realty is acting for Gazeley; Cushman & Wakefield is advising JLP; Tudor Toone and Knight Frank are acting for the Crown.
nick.whitten@estatesgazette.com
