Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-Wal-Mart’s property subsidiary Gazeley Properties has formed a joint venture with Morley Fund management to develop a new distribution park on a 20.5-acre site close to junction 25 of the M25 in Waltham Cross, Hertfordshire. Morley has paid £20 million ($32 million) to acquire the site from Esab, which will continue to occupy its existing 420,000-sf facility at the site, paying an annual rent of £1 million ($1.6 million) until the lease expires in December 2004.

The two have recently completed another distribution scheme on the nearby Waltham Point site, and Gazeley Development Director Nick Redwood said: “This is one of the most important sites to come onto the market in the South East of England in recent years and offers a great opportunity.”

Jones Lang LaSalle represented Gazeley, while Fuller Peiser acted for the vendor. Morley was represented by Tudor Toone.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


GlobeSt Net Lease Spring 2022Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.