Gazeley - Industrial Development - Essex, Purfleet

Date: 04 Jun 2004

European logistics property developer, Gazeley, has obtained planning consent to build the largest speculatively developed high bay distribution warehouse in the South East of England.

The 488,000 sq ft (45,335 sq m) logistics facility - to be marketed as Ultrabox - is to be developed in joint venture with Standard Life Investments at Purfleet in Essex. Construction will commence in June 2004 with completion scheduled for later this year.

It is anticipated that the £55 million unit - which has been designed for a single blue chip occupant - will generate in the region of 400 full and part time job opportunities.

Gazeley has appointed letting agents FPD Savills and Holley Blake to actively market Ultrabox to potential industrial and distribution occupiers. The joint agents are quoting rents in the region of £7.50 per sq ft (£80.73 per sq m).

As part of the development programme, Gazeley is set to implement an extensive landscaping programme to create an attractive and environmentally responsible setting for the building, in addition to the carrying out of a management plan for the Site of Special Scientific Interest*.

James Behrens, development manager for Gazeley comments:
"There are very few prime sites around the M25 capable of accommodating a single unit of this size and, as a result, we fully expect to attract strong interest from blue-chip occupiers".

David Paine, investment director at Standard Life Investments added:
"The industrial market in the South East is one that we have been actively pursuing and this opportunity allows us to gain exposure to the speculative market at the larger end of the scale, where we believe there will be strong tenant demand."

The Purfleet site is situated on London Road (Purfleet Bypass) near Junction 31 of the M25. Gazeley purchased the 28 acre (11.3 hectare) brown field site, part of the former Esso Oil Depot site in 2003.

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