Global provider of sustainable logistics space, Gazeley, has agreed the purchase of a site in Crick, one of the most sought-after distribution locations in the Midlands. Gazeley has agreed to acquire an 100 acre site from vendors Barwood Developments and RREEF.

The site is situated at junction 18 of the M1 in the heart of the logistics ‘golden triangle’ and has outline planning granted for 1.5M sq ft of logistics space. Planning consent was secured by the Barwood and RREEF during 2006.

The deal is subject to a delayed completion until November 2008, following which Gazeley hopes to commence redevelopment of the site. There are a number of existing occupiers who need to be relocated to facilitate redevelopment. The scheme is expected to have a total estimated value of £125m.

Nick Cook, Development Director for Gazeley, comments, “This is a major acquisition for us and further enhances our presence in a crucial logistics region in the UK. We believe this will be a much sort after site due to its strategic location and excellent transport links and we are already in discussions with a number of potential occupiers.

“This deal marks our commitment to expansion, our ability to secure key logistics sites as well as our confidence in the region and wider UK market.”

Alan Rudge, Chairman of Barwood said “by working closely and openly with Gazeley we were able to secure the sale very quickly and efficiently. Barwood is focussed on making and taking profit, this deal banks Barwood a very healthy return”

Demonstrating Gazeley’s commitment to sustainable development, any proposed plans at the site will include a number of environmental measures such as rain water harvesting and recycling, energy efficient lighting, solar panels, low water use appliances and FSC approved timber, all provided as standard fit out by Gazeley. As well as reducing the environmental impact of the development, Gazeley will seek to ensure that all design concepts will deliver significant annual operating cost savings for all occupiers at the site through reduced energy consumption.

Nick Cook adds, “The site has enormous potential to create a cutting edge sustainable development, we also hope that we will be able to provide a range of jobs for local people in Crick.”

Gazeley was advised by CBRE whilst Burbage Realty and M3 advised Barwood and RREEF.