Gazeley/Land Securities - Industrial Development - Milton Keynes, Nova MK
Date: 13 Jun 2006
Gazeley and Land Securities joint venture partnership, has been granted planning consent for Nova MK - a new £340 million logistics park in Milton Keynes. The 241 acre (97.5 hectare) site will be developed in an environmentally responsible and sustainable manner to provide 3.4 million sq ft (315,860 sq m) of new industrial and distribution accommodation.
The Milton Keynes Partnership Committee (MKPC) has issued outline permission for Nova MK with an associated section 106 agreement covering a planning tariff, mainly to finance highway and public transport Improvements. The MKPC is the local planning authority established two years ago by government to promote major employment and residential development in the new city.
With this agreement now in place, the jv partnership has been given the go ahead to commence development of what is widely regarded as the best and largest major new distribution opportunity available between London and Birmingham. The logistics park scheme will create up to 4,500 new jobs.
Located at Fen Farm, just 5 miles east of central Milton Keynes, the site has excellent transport links to the M1 Motorway via junctions 13 and 14, with substantial frontage onto the A421. Nova MK will provide opportunities for large footprint development with unit sizes ranging from 100,000 sq ft to 1 million sq ft (9,290 sq m to 92,900 sq m) designed to meet the exacting BREEAM excellence rating, delivered using Gazeley's pioneering EcoTemplate**. EcoTemplate warehouses incorporate renewable energy sources, water recycling, local provenance vegetation and feature non-toxic and recyclable materials, which significantly reduce the negative impact of the building on the environment.
To promote more sustainable modes of travel, the development will incorporate a section of the dedicated public transport route, which will ultimately serve all the mixed-use developments located on the eastern side of Milton Keynes. The development will also provide a new linear park along the Broughton Brook with footpaths, cycle paths and leisure routes.
Don Morgan, Planning Director for Gazeley comments: "At Nova MK we are creating a sustainable flagship development to inspire the whole industry to emulate. Gazeley has already set the benchmark for improved environmental performance in the logistics sector with EcoTemplate, which others are striving to follow.
"Working closely with Land Securities, our partners and customers, we intend to raise the bar yet again. This development will go beyond our EcoTemplate model as we set new standards to integrate a greater percentage of renewable energy sources and improved designs, which will reduce energy inputs, lower operating costs and make use of more environmentally responsible techniques."
Roland Nevett, Director, Land Securities says: "Nova MK will provide a new opportunity for large foot plate buildings, sites for which are currently lacking in Milton Keynes. The site, on the east side of Milton Keynes, is a key national logistics location. It has minimal journey times to the motorway network as well as being supported by a strong employee base. In partnership with Gazeley we will create a logistics park developed to the highest sustainability standards."
Gazeley and Land Securities have also submitted a separate planning application for a second phase of development at Nova MK on 32 acres (13.5 hectares) of land at Fen Farm together with a further phase of development on the adjacent Glebe site which amounts to 30 acres (12 hectare). Together, these two future extensions to Nova MK could accommodate an additional 1 million sq ft (93,000 sq m) of industrial and distribution floorspace.
The jv partnership has appointed Jones Lang LaSalle and Burbage Realty as letting agents to oversee leasing and freehold sale opportunities at the park. The joint agents are quoting rents in the region of £6.00 per sq ft (£64.58 per sq m) and expect to announce the first pre-let imminently.
Gazeley and Land Securities anticipate starting on site with the first phase of development in the second half of 2006 with the first units ready for occupation in 2007. Nova Mk is an occupier-led design and build development scheme.
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