Gazeley’s Leicestershire distribution hub Magna Park has over 500,000 sq ft let or under offer this week in three deals.
Unipart Technology Logistics has taken Frontier Estates’ 207,000 sq ft (19,230m2) Vulcan Point distribution unit on a 10-year lease for £5.25 per sq ft with a break at year seven. It will use the facility for contracts with several major hi-tech companies, including Hutchison Telecom 3.
Vulcan Point was built three years ago by French company Rexel Senate for its own use. Frontier purchased the building late last year in a joint venture with Cargill Financial Markets, and having secured this letting, is now putting the investment on the market via agents Hennings Hume. Haslams, Burbage Realty and North Rae Sanders acted for Frontier.
Meanwhile, Englander Group’s 163,400 sq ft (15,200m2) building, formerly occupied by Shell, has been sublet to third-party distributor Exel on a five-year, contract-led lease at £5.45 per sq ft. A further 165,000 sq ft is under offer and DHL also wants space at the park (see panel, left). Bruce Topley, development director at park founder Gazeley, said: “There’s a continued belief in Magna Park as a location for logistics, as a result of quality of build, labour supply, transport links and geography.
“It is the obvious site from which to service a national distribution network. The number of blue-chip companies at the park is testament to that.”
Gazeley and US life assurance giant MetLife are constructing five speculative warehouses of up to 420,000 sq ft at the park, in response to increasing demand (28 August, p8). ProLogis is also marketing a 200,000 sq ft warehouse at Magna Park.
Close to signing
IM Properties’ 165,000 sq ft (15,300m2) one-time Flextronic Building is under offer to Pallet Network, which specialises in distributing pallets.
DHL is looking to take between 150,000 sq ft and 200,000 sq ft.
