Gazeley has started work on its first speculative logistics development in Germany since the economic crisis, at G.Park Karlsruhe-Kandel.
The move follows that Gazeley’s announcement in September, that all its German properties had been fully let. It has now started the expansion of its existing G.Park Karlsruhe-Kandel, presently comprising a 500,000 sq ft distribution centre.
The new 200,000 sq ft warehouse will be created on a 9.8 acre site, directly opposite the existing area. A pre-let agreement with a manufacturer of automotive parts has been signed for approximately one quarter of the development. The project is expected to completed in early 2011.
Ingo Steves, country director Gazeley Germany, said: “In the wake of the economic upswing in Germany, demand for logistics space has picked up considerably. Our new spec-build development provides a turn-key property ready for the first quarter of 2011 to meet any short-term space requirements by potential users.”