Over the past week, it has been announced that funding has been agreed for a massive new warehouse at Magna Park to be let to retailer Waitrose for 30 years.
The 938,449 square foot unit is being developed this summer by the company Gazeley, which owns distribution parks, globally.
Gazeley are confident that the development will take just six months to build.
Waitrose’s parent company John Lewis already occupies two warehouses, totalling more than 1.3 million square feet on the Magna park site.
According to reports, Legal & General will be funding the construction of the warehouse on behalf of its annuity fund. The development is due for completion in November and is expected to secure an environmental rating of “excellent”.
It will encompass three levels, a gatehouse, secure yards, and parking for 530 cars, and 231 Lorries.
Magna Park has 220 acres earmarked for development and 50% of it is already fulfilled. Among the tenants are major names such as Barr’s Soft Drinks, and River Island.
Legal & General Property Spokesperson Adam Kerr said the funding represented a rare opportunity to fund a strategically located “super shed” capable of delivering the quantum of space demanded by top retailers.
Mr Kerr added “Magna Park in Milton Keynes has become the leading logistics park in the UK due to its easy access to London and the wider South East of England”.
The estimated cost of the project is reputedly in excess of £144 million.