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Case Study

Sourcing tenants for the Gazeley/Land Securities Logistics Centre in Milton Keynes, UK

In 2005 there were celebrations all round. After eight years, Gazeley UK Ltd and Land Securities had just secured outline planning consent for their flagship UK Distribution Park. This was Magna Park, 4.2m square feet of logistics and distribution space within the Milton Keynes Eastern Expansion Area. The champagne was barely flat before the next challenge was identified:  to source tenant and investor interest in the scheme. This was where Jones Lang LaSalle’s National Industrial and Logistics Team came in.

The first job was to create a long-list of retailers who might be interested in the Park. Having done so, we developed a comprehensive marketing campaign targeted against this group. Its spearhead was the Magna Park Roadshow, which set out the scheme’s stall in considerable detail. The campaign attracted a good deal of interest amongst leading retailers. From this we established a short-list of potential tenants.

And just about at its top was the John Lewis Partnership.

Working alongside Gazeby we cultivated John Lewis’s interest and set about convincing them that Magna Park was the best solution to their ever greater logistics requirements.

In 2006 we succeeded.

In so doing we secured not only the first pre-let at Magna Park but – at 651,000 square feet - the largest ever pre-let in the whole of the country.

And it didn’t finish there. Having landed this first major pre-let, Jones Lang LaSalle’s Industrial Investment team successfully marketed and secured a pre-commitment to purchase the John Lewis Investment at Magna Park from the Crown Estate.

One-up to our National Industrial and Logistics Team, but two-up to the collaborative working with Gazeley that really was the key to the result. 

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