Gazeley has revealed an image of the 1.3m sq ft distribution depot it is developing for John Lewis at Magna Park, Milton Keynes.
Gazeley signed a deal with John Lewis last week to develop a new 675,000 sq ft shed adjoining the retailer’s existing 650,000 sq ft depot at the park.
A 30-year lease has been agreed at around £5.75 per sq ft.
Gazeley UK country director Alex Verbeek said: “This deal further cements our relationship with one of the country’s leading retailers and we are delighted to be working with John Lewis again as it looks to expand its distribution operations.
“The building has been designed to match the company’s specific requirements and, with planning consent already in place, we are on track to deliver on time and on budget.”
John Lewis is now expected to sell its 350,000 sq ft site in Park Royal, west London, which was built in 1989 and could fetch as much as £30m.
Burbage Realty acted for Gazeley; Cushman & Wakefield advised John Lewis.
nick.whitten@estatesgazette.com
