Fashion house pays £20m plus for freehold

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Fashion retailer River Island has paid Gazeley and Land Securities in excess of £20m for the freehold of a 450,000 sq ft distribution centre at Magna Park, Milton Keynes.

The company will consolidate into the new building, which is expected to be completed for operational purposes in spring 2009.

The 3.4 million sq ft distribution park is situated at junction 13 of the M1 near Milton Keynes and will provide modern flexible units, ranging in size from 100,000 sq ft to one million sq ft. The first unit totalling 650,000 sq ft has been pre-let to John Lewis.

Savills, Jones Lang La Salle and Burbage Realty jointly advised Gazeley and Land Securities.

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