LONDON-Gazeley Properties, the European property arm of Wal-Mart, has unveiled plans for the largest speculative distribution warehouse in the south-east of England. Jointly with Standard Life, it plans to build a 488,000-sf shed, called Ultrabox, on the site of a former Esso Oil Depot at Purfleet in Essex. The Purfleet site is situated on London Road near Junction 31 of the M25. Gazeley purchased the 28-acre brown field site in 2003 and development manager James Behrens says: “There are very few prime sites around the M25 capable of accommodating a single unit of this size and, as a result, we fully expect to attract strong interest from blue-chip occupiers.” David Paine, investment director at Standard Life Investments, says: “The industrial market in the South East is one that we have been actively pursuing and this opportunity allows us to gain exposure to the speculative market at the larger end of the scale, where we believe there will be strong tenant demand.” Letting agents FPD Savills and Holley Blake are quoting rents in the region of £7.50 ($13.80) per sf.

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

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

Get More Information
 

GlobeSt

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

Copyright © 2024 ALM Global, LLC. All Rights Reserved.