Logistics developer GLP is to begin a further four-unit speculative phase of development at the 1 million sq m-plus Magna Park Lutterworth, a distribution park in the UK’s logistics “golden triangle”.
The new phase will create an additional 93,000 sq m of space and is the second phase of Magna Park South, of which the first phase of 111,500 sq m (pictured) was completed last year
The 41-building Magna Park Lutterworth is the UK and Europe’s largest dedicated logistics and distribution park.
Recent deals include a letting to a fashion and lifestyle supply chain expert Bleckmann, which leased 18,590 sq m, taking the first of three speculatively built units at Magna Park North; information management services company Iron Mountain took 27,610 sq m; LX Pantos took 28,800; and Rhenus Home Delivery took 24,000 sq m.
GLP said that the lettings mean the park is close to 100% occupancy, with only the 46,451 sq m Magna Park North 2 available.
The latest development will start on site in Q2 and is expected to complete by Q4 2022.
“The park has seen unprecedented development and leasing activity in recent months, with GLP completing eight deals over the course of last year totalling 2.2 million sq ft [c204,390 sq m],” Joe Garwood, senior development director at GLP said.