GLP, a leading investor and developer of logistics warehouses and distribution parks, today announces that it has completed development of over 1.25 million SQ FT of new, speculatively developed logistics space at Magna Park South, Lutterworth. In addition, GLP has leased Unit 4 at Magna Park South Lutterworth prior to its completion.
The new developments at Magna Park South, Lutterworth include units 1, 2, and 3 comprising 746,000 SQ FT, 126,000 SQ FT and 300,000 SQ FT respectively, totaling 1.17 million SQ FT of space. Units 1 and 2 completed earlier this month, while unit 3 is also due to complete prior to Christmas. All of the buildings are available to lease.
GLP has also completed and let unit 4, which has been leased on a ten-year term and comprises 99,000 SQ FT of space. The facility has a clear height of 12.5 m and includes 10 dock doors, 75 car and 20 HGV parking spaces. The site will be operational for the customer in January 2021.
The development has a range of leading sustainability features including environmental analytics, resulting in 15% less operational carbon emissions and 12% less embodied carbon. The unit is also 100% PV-ready and designed to WELL principles.
Magna Park Lutterworth is the UK’s first and Europe’s largest dedicated logistics and distribution park. The development of this unit was part of its ongoing expansion from 9 million SQ FT of floor space to nearly 16 million SQ FT in the coming years. GLP is also developing a series of new amenities, including wellness and recreation facilities as well as the new Logistics Institute of Technology (LIT).
Magna Park Lutterworth benefits from excellent transport links to the rest of the UK, with 59.3 million people, or 85% of the UK population, within a four hour drive of the development as a result of its easy access to the M1, M6 and M69 motorways.
Olivia Hinds, Development Surveyor, GLP, said: “The recent expansion of Magna Park South and leasing of the first unit solidifies its position as the leading dedicated logistics and distribution park in Europe. We are pleased to have leased Unit 4 prior to its completion date and look forward to working with the new customer as it becomes operational at the unit next year.
“We now have a total of 1.17 million SQ FT of logistics space available to lease at Magna Park South, Lutterworth, spread over 3 units. We are confident that this will be in high demand as growth in our sector continues to fuel interest for warehouse space across the UK in a supply constrained market.”
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