IDI Gazeley has acquired industrial development land at Magna Park, Milton Keynes and has appointed Savills and JLL as letting agents for the scheme.

Following the success of Phase 1, Phase 2 provides a further 62 acres with an additional 1.3 million sq ft (120,774 sq m) at Magna Park, which is currently home to a number of major international occupiers including John Lewis, Waitrose, River Island and AG Barr. The site has planning permission for units ranging from 150,000 sq ft (13,935 sq m) to 640,000 sq ft (59,457 sq m), with the consent and infrastructure in place to deliver buildings within eight months on a build-to-suit basis.

Toby Green, director in the national industrial & logistics team at Savills, comments: “Magna Park is one of the preeminent UK industrial Parks with an impressive list of tenants. This acquisition was an excellent opportunity for IDI Gazeley to expand the Park as there continues to be a significant shortage of prime warehouse stock, particularly in the South East and southern M1 corridor. The ability to deliver a 650,000 sq ft unit in circa eight months sets the scheme apart from the competition.”

Alex Verbeek, Senior Vice President and UK Managing Director of IDI Gazeley, adds: “IDI Gazeley has built 3.8 million sq ft at Magna Park Milton Keynes in Phase 1 and we are very pleased to announce that Phase 2 now offers a further 62 acres of immediately deliverable logistics warehousing, to continue to meet market demand.”