Gazeley ended 2011 on a high after 6m sq ft of deals
WAREHOUSING and distribution developer Gazeley, the firm behind the massive 750,000 sq ft Amazon dispatch centre in Rugeley, has said it is ended 2011 on a high despite the difficult commercial property sector.
The past 12 months has seen the firm complete 18 deals, representing more than 6m sq ft (557,408 sq m) of development globally.
During 2011, the firm has developed nine build-to-suit facilities and disposed of four speculatively built warehouses. The last 12 months has also seen the company work with some of the world’s most recognised brands across a multitude of sectors. Most recently it has completed deals in Spain and Germany with two major global fashion retailers. This includes the development of a 645,800 sq ft (60,000 sq m) distribution centre in North Germany and a 387,360 sq ft (36,000 sq m) facility in Spain.
Pat McGillycuddy, Gazeley chief executive, said: “This year has seen some very strong activity for Gazeley and we have seen major developments across our entire global network despite what continues to be tough times for the property and development sector.
“We are confident our success this year has set us in good stead for 2012 and we will be able to start the year with some real momentum.”
Highlights during the year have included a £70m deal with B&Q for a 796,649 sq ft (74,000 sq m) logistics distribution centre at G. Park Swindon. While in June, Gazeley also completed a 152,000 sq ft (15,000 sq m) state of the art e-commerce distribution centre for Tesco at G. Park Enfield in North London.
The year also saw the take up of four speculatively built warehouses. In April, DHL took the 360,460 sq ft (33,500 sq m) building at G. Park Liverpool under lease for 10 years; Amazon took on the 753,200 sq ft (70,000 sq m) Flair unit at G. Park Rugeley in August and in the same month, Palmer & Harvey, the UK’s largest retail wholesaler, signed a pre-let deal for a 166,780 sq ft (15,500 sq m) site at G. Park Hemel Hempstead. Completing the year, a leading haulier has taken on the 275,456 sq ft (25,600 sq m) Solar unit at Magna Park Lutterworth. Gazeley also sold G. Park Hemel Hempstead to Aberdeen Asset Management.
The deals leave just one shed available in Gazeley’s entire UK portfolio.
