Gazeley Properties - Retail Development - Kempston, Marsh Leys Business Park

Date: 29 May 2002

Gazeley Properties has started construction of a 60,998 sq m (656, 603 sq ft) distribution centre for Argos Direct at Marsh Leys Business Park in Kempston near Bedford. This will be the second largest unit Gazeley has built to date, and the fourth and largest distribution centre it has developed for Argos.

Argos Direct, the home delivery operation of Argos, has agreed a pre-let for a term of 20 years for an undisclosed amount. The deal reflects the increased occupier demand for large footprint buildings in excess of 23,225 sq m (250,000 sq ft) in and around the South East and M1 corridor area.

Bedford Borough Council granted planning consent this month, with the state-of-the-art facility scheduled for completion towards the end of the year. Gazeley will also carry out an extensive multi-million-pound fit out programme on behalf of the occupier. The centre is anticipated to open in January 2003 and to be fully operational as a regional facility in May 2003 following the implementation of a new warehouse management system. Marsh Leys will compliment the existing Argos Direct distribution centre in Stafford.

Commenting on the deal, Nigel Godfrey of Gazeley said:
“Marsh Leys is proving a popular choice with some of the UK’s leading names in retail. The strategically located site has been selected as the South Eastern home of new generation distribution centres for both Asda, which is already located at the scheme, and now Argos. We are confident of attracting further quality covenants to the park in the near future.”

Marsh Leys is a new 55 hectare (137 acre) business park strategically located close to the A421 in Kempston near Bedford, close to junction 13 of the M1 motorway.

Gazeley currently has 176,510 sq m (1.9m sq ft) of distribution space under construction and is actively seeking new large-scale industrial/distribution development opportunities both in the UK and mainland Europe.

Cushman & Wakefield Healey & Baker and Lambert Smith Hampton are joint letting agents for Marsh Leys Business Park.

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