Land Securities and Gazeley Nova MK Scheme is given go ahead (UK)

Land Securities in joint venture partnership with Gazeley, announces that the Milton Keynes Partnership Committee has ‘minded to approve’ the outline planning application for the Nova MK distribution scheme.

The 3.4 million sq ft (315,860 sq m) mixed industrial and distribution scheme, which is one of the largest new development sites located between London and Birmingham, is situated adjacent to the M1 motorway between junctions 13 and 14 in Milton Keynes. The scheme will provide units ranging in size from 100,000 â€" 1,000,000 sq ft (9,290 â€" 92,900 sq m).

Roland Nevett of Land Securities commented; “We are extremely pleased with the decision. This is a significant milestone in the evolution of UK distribution. Having worked closely with key stakeholders to ensure that our proposals meet the future aspirations of Milton Keynes, we will now complete our discussions with the Milton Keynes Partnership Committee and the highways authorities to resolve the outstanding issues. Following Land Securities’ property swap with Slough we retained a small quantity of industrial assets where we could create further value for shareholders. Nova MK represents such an opportunity and we are delighted to have secured, with Gazeley, this outline planning consent.'

Don Morgan, planning director for Gazeley added, “This decision is a major advance in our plans for a new generation of distribution development at Milton Keynes which will challenge our competitors to raise their game with us. The new eco initiatives that we will incorporate in the development will appeal particularly to the type of leading and forward thinking occupiers who have been waiting for the ’green light’ at Nova MK. The significant new job opportunities we will be creating in Milton Keynes fit in well with the government’s housing plans for the new City.”

It is anticipated that the first phase of the development scheme will be on site in Autumn 2005.

Source: Land Securities

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