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Robert.Jervis_43227 Sep 11

Gazeley has bought Symmetry Park from DB Symmetry and renamed it Magna Park South

Gazeley has bought Symmetry Park from DB Symmetry and renamed it Magna Park South image

The next phase in creating one of the biggest warehouse parks in Europe is getting closer

The owners of Magna Park, in south Leicestershire, want to put up four big sheds – including one that is 755,000 sq ft in size – just south of their existing 550-acre warehousing complex.

They would sit within a 220-acre plot of land, called Magna Park South, which has outline planning for 4.5 million sq ft of new warehousing.

Owner Gazeley has revealed that it bought Magna Park South (previously known as Symmetry Park) from developer DB Symmetry.

Gazeley already owns the existing Magna Park Central, just off the A4303 near Lutterworth, which is fully developed, and has tenants including Asda, Toyota, BT and Britvic.

And last year Gazeley gained outline planning for a third parcel of land – which it has called Magna Park North – which is also yet to be developed.

That northern area covers 590 acres, and could include 3 million sq ft of buildings.

When fully developed the three pieces of land will have a total area of 1,360 acres with 15.8 million sq ft of buildings.

To put that into context, the vast SEGRO Logistics Park, going up off junction 24 of the M1 near East Midlands Airport, covers 700 acres.

Magna Park South, already has outline planning permission and Harborough District Council is now being asked to sign off the last bit of planning for half of that site, which borders the A5.

As well as the four new buildings it would include landscaping, internal roads, footpaths and cycleways.

A Gazeley spokesman said:

“Following the receipt of outline planning permissions for up to 7.5 million square feet of logistics floorspace at both Magna Park and Symmetry Park in Lutterworth, Gazeley has bought Symmetry Park from Tritax Big Box REIT plc’s dedicated logistics developer, db symmetry.

“With Gazeley’s ownership of both sites, it will be able to deliver a more coordinated expansion of Magna Park including highways improvements and greater public transport benefits.

“This will ensure we can better serve the local community, improve estate management and further mitigate the overall impact of the development.”

Separately, DB Symmetry has rebranded on the back of its takeover by Tritax Big Box REIT earlier this year.

Established in 1996, the company is behind one of the UK's largest strategic land portfolios for the development of big box assets and related logistics facilities.

It had an 87 per cent stake snapped up in February and, in line with the takeover, has now become Tritax Symmetry.

To date, it has completed a series of transactions including a 163,664 sq ft speculative development at Bicester and a 152,038 sq ft scheme at Doncaster. It also achieved full planning permission for a 661,201 sq ft regional distribution centre pre-let to The Co-operative Group on a 20-year lease term at Biggleswade.

Andrew Dickman, director at Tritax Symmetry, said:

"The rebrand marks a new chapter in our company's growth and one that we are hugely excited about.

"Since the sale of the Symmetry Portfolio, we have been working closely with Tritax Big Box to fully understand each other's businesses; the rebrand was the next logical step. We have already achieved some notable successes across the UK in our new business and our focus remains set on delivering the business plan we set out at the time of the acquisition."

Colin Godfrey, fund manager at Tritax Big Box, added:

"The acquisition of the Symmetry Portfolio provides a hugely attractive platform from which we will develop logistics real estate investments internally on a greater scale, at an attractive yield on cost. Over the next eight to ten years, this purchase offers the potential to boost our earnings growth, thereby supporting our progressive dividend policy in a disciplined way."