Gazeley Properties - Industrial Development - Waltham Cross

Date: 13 Nov 2002

Morley and Gazeley to develop major M25 site

Morley Fund Management and Gazeley Properties are to develop a prime 8.3 hectare (20.5 acre) industrial/distribution site located adjacent to the M25 in Waltham Cross, following the £20 million purchase of the site by Morley. Morley simultaneously entered into a development agreement with Gazeley to create a high quality industrial/ distribution park.

The site was sold by Esab, a subsidiary of Charter plc, which will remain in occupation of its existing 39,018 sq m (420,000 sq ft) facility at the site, paying an annual rent of £1 million until the lease expires in December 2004. Gazeley is currently drawing up a master plan with work on the industrial/ distribution park expected to start on lease expiry.

Commenting on the deal, Gazeley development director Nick Redwood said:
“Located adjacent to junction 25 of the M25, this is one of the most important sites to come onto the market in the South East of England in recent years and offers a great opportunity.

“The deal reinforces Gazeley’s commitment to securing strategically located sites across the South East and our willingness to adopt flexible and innovative acquisition/development routes. The site is expected to attract blue chip occupiers seeking top quality bespoke accommodation on a pre-let basis.”

Morley fund manager Roger Sporle commented:
“Following our great success a few hundred yards away at Waltham Point we are extremely pleased to have been able to secure this site with equally prominent M25 frontage. It’s a fantastic location and with both Gazeley and Morley knowing the area I am confident the scheme will do very well for us both.”

Jones Lang LaSalle represented Gazeley, while Fuller Peiser acted for the vendor.

Morley was represented by Tudor Toone.

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