Strutt & Parker - Retail Development - Essex, Lakeside Park, Thurrock

Date: 13 Jan 2004

Morley Fund Management Ltd, advised by Strutt & Parker, has begun work on a 16,437 sq ft (1,527 sq m) development at Lakeside Park, Thurrock, Essex. The development on behalf of Essex Mazda will be let on a 25 year lease at £234,000 per annum.

Lakeside Park comprises 24 acres (9.7 hectares) of mixed-use development. Tenants include Gala Bingo, TGI Fridays, KFC, Harry Ramsdens and Lakeside Vauxhall. Lakeside Park represents the last major development opportunity within the Lakeside Basin. The Morley development is in response to growing demand from car dealerships seeking strategic sites from where they can better display their products.

Phillip Maskell, Chairman and Managing Director of Essex Motors Ltd comments: “We have a strong business relationship with Ford in South Essex and through Mazda we are strengthening this relationship. I am delighted that our long held ambition to open in Lakeside has been realised.”

Julian Hill, fund manager at Morley says: “Lakeside Park represents an important strategic asset for Morley and this investment will further raise the profile of Lakeside Park and establish a platform for further development of our holding there.”

Bill Bexson, partner at Strutt & Parker’s Retail Department adds: “For some time we have been advocating motor retail as the fourth dimension of the successful out of town retail market, following on the heels of food stores, retail warehousing and leisure. Lakeside Park is an ideal location for this type of development. Rarely do sites of this quality become available.”

Lakeside Park, Thurrock, Essex

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