MEPC - Mixed-Use - Langley, Sutton Lane, Axis Park

Date: 21 Jul 1998

Post Office take prelet at Axis Park development

MEPC and The Post Office have agreed a prelet transaction for a purpose-built sorting facility at Axis Park, Sutton Lane, Langley in Berkshire, located close to Heathrow Airport.

The proposed development is for a 42,000 sq m (450,000 sq ft) building on a 9.5ha (23.5 acre) site, designed to provide a mail handling facility to the Post Office's specification. Proximity to the airport is a consideration for the Post Office, coupled with the ability to have a building constructed to its specific requirements.

MEPC acquired the former Iveco Ford factory site in October last year for £43.5 million and since that time has been preparing the site for development. Outline planning permission has been granted for 76,400 sq m (822,362 sq ft) of B1, B2 and B8 accommodation. Part of the site - 8.3ha (20.5 acres) - has been sold-on by MEPC for residential development, Axis Park was purchased as a strategic large scale site in a premier location specifically to secure airport-related occupiers and those seeking a high-profile location. The site has a 300 metre frontage to the M4/M25 junction.

Commenting on the transaction Robert Ware, corporate development director of MEPC plc, said: "This is probably one of the largest prelet industrial buildings in the south of England for many years, We are negotiating other transactions for the remainder of this site with a number of internationally renowned companies. This is one of the last remaining large industrial sites which is ready for development in the current cycle and which is in a prime location."

MEPC are in discussion with a number of other parties who are also seeking bespoke facilities and are able to offer unit sizes up to 30,000 sq m (322,900 sq ft) on the balance of the site. Standalone offices of up to 10,000 sq m (107,640 sq ft) can also be provided.

The development is being undertaken in conjunction with Rensslade and Rankvale.

CB Hillier Parker and Healey & Baker are retained as MEPC's letting agents.

Weatherall Green & Smith acted for The Post Office.

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