Gazelley has pre-sold the freehold of a 19,974sq m distribution centre to Porcelanosa, a Spanish ceramics and bathroom specialist, for £20M at G.Park Watford. Porcelanosa is one of the world’s leading manufacturers of ceramic tiles, expanding rapidly over recent years with the introduction of an extensive range of bathroom suites, bathroom furniture and kitchens.
The multi-functional facility, set on a ten-acre site, will provide a world class supply chain infrastructure to help drive the company’s expansion into the commercial construction sector.
G.Park Watford is located adjacent to the M1’s J5 with access to the A41. Gazeley purchased the site – formerly known as Otterspool Way Industrial Estate – from Green Properties in June 2003 for £15M. The site already incorporated a fully operational John Lewis distribution centre, the lease of which was re-geared and subsequently sold to Merrill Lynch for £5M.
Completion of the Porcelanosa building – including a high-quality finish fit-out – is scheduled for January 2005.
Neil Yule, managing director of Porcelanosa (South East), comments: “This supply chain centre forms part of our £50M investment programme planned for the South-east over the next two years, including distribution, administration, showroom and design facilities. Building on our success in the retail and house-building sectors, we are now creating the infrastructure required to provide world class solutions to the commercial construction sector.”
Holley Blake advised Gazeley while Brasier Harris represented Porcelanosa.