Gazeley has agreed the purchase of a 100-acre site in Crick from Barwood Developments and RREEF. The site is situated at Junction 18 of the M1 and has outline planning granted for 1.5 million sq ft of logistics space.
The deal is subject to delayed completion until November 2008, following which Gazeley hopes to commence redevelopment of the site. There are a number of existing occupiers who need to be relocated to facilitate redevelopment. The scheme is expected to have a total estimated value of £125m.
Nick Cook of Gazeley, said: “This is a major acquisition for us and further enhances our presence in a crucial logistics region in the UK. We believe this will be a much sought after site due to its strategic location and excellent transport links and we are already in discussions with a number of potential occupiers.”
Plans at the site will include a number of environmental measures such as rain water harvesting and recycling, energy efficient lighting, solar panels, low water use appliances and FSC approved timber. Gazeley will seek to ensure that all design concepts will deliver significant annual operating cost savings for all occupiers at the site through reduced energy consumption. Gazeley was advised by CBRE while Burbage Realty and M3 advised Barwood and RREEF.