LONDON-Morley Fund Management has joined forces with Wal-Mart’s property arm Gazeley Properties to develop the Mundells Centre site on the A1(M) in Welwyn Garden City, Hertfordshire. Consent already exists for a 200,000-sf distribution warehouse and the two plan a speculative start on site in January 2003.

The deal is the second joint venture between the two companies, which are also working on the ESAB site on the M25 at Waltham Cross. Morley acquired the Mundells Centre site from Glaxo SmithKline for £6.5 million ($10 million). It is currently occupied by 376,000 sf of redundant office, industrial and warehouse buildings.

Under the development agreement Gazeley will develop a single high-bay warehouse building of 200,000 sf incorporating 19,000 sf of offices on three storeys. Morley Fund Manager, Roger Sporle, said: “There are few sites in the northern home counties immediately capable of taking a 200,000-sf unit so we are delighted to have secured such a well located property. We are already talking to several interested occupiers.” GVA Grimley acted for Morley, while Gazeley was represented by Tudor Toone. Jones Lang LaSalle acted for the vendor. GVA Grimley has been retained as joint letting agent with CB Hillier Parker. Quoting rents are £7.75 ($12) per sf.

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