IDI Gazeley has launched a 1.3m sq ft second phase at Magna Park, Milton Keynes as supply in the Midlands logistics scene reaches crisis point. JLL has been appointed agent to market the newly-acquired logistics development site.
Phase 2 provides a further 62 acres with an additional 1.3 million sq ft at Magna Park. The first phase is home to a number of major international occupiers including John Lewis, Waitrose, River Island and AG Barr.
Alex Verbeek, Senior Vice President and UK Managing Director of IDI Gazeley, added: IDI Gazeley has built 3.8 million sq ft at Magna Park Milton Keynes in Phase 1 and we are very pleased to announce that Phase 2 now offers a further 62 acres of immediately deliverable logistics warehousing, to continue to meet market demand.”
Richard Evans, Lead Director of the National Logistics team at JLL, said: “The ability to deliver a 650,000 sq ft unit in about eight months sets the scheme apart from the competition.”
The acquisition comes as CBRE claims the Midlands industrial market is reaching a crisis.
Total supply of larger warehouse units could be exhausted in six months, the firm warns.
They say deals totalling four-fifths of 2015’s take-up have completed in the first six months of 2016 – meaning just 1.92m sq ft is available, with a further 1.87m sq ft under construction.
