Gazeley has today announced a deal with leading global membership warehouse club Costco for the freehold purchase of 64 acres at G.Park Crick, adjacent to the M1 at junction 18 in the center of the UK.
The site which has full planning permission for the development of up to 1.1 million ft² (approx. 102,190 m²) of logistics warehouse space will serve as Costco’s European Distribution Campus catering for the growth of the wholesalers logistics requirements now and in future phases. Costco are seeking consent for 565,000 ft² (approx. 52,490 m²).
As part of the deal Gazeley will regain control of Costco’s existing distribution center also built by Gazeley in 2000 at their flagship UK development site Magna Park Lutterworth.
Commenting on the deal Bruce Topley, Senior Development Director, Gazeley, said: “As a long standing partner of Costco’s we are absolutely delighted to sign this ground breaking deal today at G.Park Crick for the full 64 acres to be able to cater for the development of Costco’s future logistics requirements. This transaction is once again evidence of the continued success of our investment in one of the UK’s most important strategic development sites having already delivered a 260,000 ft² bespoke manufacturing plant and headquarters for rapidly expanding pet food retailer Butchers Pet Care in 2010”.
Nick Deeks Director of International Real Estate from Costco also said “Sitting in a superb strategic location adjacent to the M1 at Junction 18 G.Park Crick is the ideal solution for our forward operating logistics requirements. By taking the full 64 acres we are able to satisfy both our short term requirements for space now together with our ability to also safeguard our future requirements all in the same central location”.
This announcement is the second major deal secured by Gazeley during July - following the takeover announced by Brookfield, having just announced the signing of world leading construction equipment manufacturer JCB at its 385,000 ft² Blue Planet development in Newcastle Under Lyme, in the center of the UK.