GLP completes record leasing & announces new round of spec development at Magna Park Lutterworth
GLP, a leading investor and developer of logistics warehouses and distribution parks, today announces that it has successfully leased multiple warehouses at Magna Park Lutterworth to top-tier customers, along with commencing speculative development on four units at Magna Park South Lutterworth.
Magna Park Lutterworth is the UK and Europe’s largest dedicated logistics and distribution park, situated within the Midlands’ ‘Golden Triangle’ of logistics. Home to 36 different customers and occupying over 11 million SQ FT of sustainable floor space across 41 buildings, Magna Park Lutterworth is GLP’s flagship distribution park.
The deals in the park include two spec build lettings and a build to suit transaction in the North, plus a letting of an existing building in Magna Park Central:
- Bleckmann, a fashion and lifestyle supply chain expert, has leased the first of the three “spec builds” in Magna Park North, taking a 200,102 SQ FT building (MPN1) on a long-term lease. The warehouse will be used to service Bleckmann’s increasing number of contracts and will be the company’s second unit leased at Magna Park Lutterworth, after it acquired Tornado-186 18 months ago.
- Iron Mountain, an information management services company, has signed an agreement to lease MPN3, the third spec building under construction, totaling 297,194 SQ FT. This will support Iron Mountain’s UK expansion strategy. MPN3 is expected to complete by the end of March 2022.
- LX Pantos has taken a building on a built to suit basis – MPN4, totaling 310,000 SQ FT, which is expected to complete by July 2022. LX Pantos is upsizing from an existing facility and plans to use the warehouse to service LG Electronics, amongst other top brands.
- In a separate development, GLP has completed the letting of Hurricane-258, a 258,000 SQ FT cross-docked distribution unit located within the Magna Park Central Lutterworth development, to Rhenus Home Delivery. Rhenus intends to operate the unit as a two-man lift operation in response to the further growth of their home delivery business.
- The letting brings the park close to 100% occupancy, with only MPN2, GLP’s 500,000 SQ FT spec build, available. MPN2 is currently under construction and is expected to complete in March 2022.
Following the highly successful development of 1.2 million SQ FT (Phase one) last year in Magna Park South (MPS), GLP has announced it has commenced the next phase (Phase two) of speculative development in MPS, with another 1 million SQ FT being constructed across four buildings.
The development will see the construction of 186,000, 211,000, 256,000 and 355,000 SQ FT buildings respectively. Work on-site will commence in Q2 and is expected to complete by Q4 2022.
As with all GLP’s developments, the existing and new units follow GLP’s rigorous ESG development standards and benefit from best-in-class specification including wide service yards, significant HGV and car parking allocations, dock levelers, level access doors, increased natural light, electric vehicle charging and abundant power supply. Each development is also BREEAM Excellent, designed to WELL principles and features a range of sustainability and energy efficiency measures.
Joe Garwood, Senior Development Director at GLP, explains: “This marks an exciting time in the ongoing development of Magna Park Lutterworth, which has been firmly established as Europe’s leading logistics and distribution park. The park has seen unprecedented development and leasing activity in recent months, with GLP completing eight deals over the course of last year totaling 2.2 million SQ FT. We are delighted to partner with such well-established companies, and we look forward to working with Bleckmann, Iron Mountain, LX Pantos and Rhenus Home Delivery and supporting them as they grow.”