Drinks manufacturer A.G. Barr, advised by Gerald Eve, has agreed a deal with Gazeley to develop a new 265,000 sq ft warehouse and production facility in Milton Keynes.
Gazeley will construct the build-to-suit premises at its Magna Park site adjacent to the M1 following the recent granting of planning consent. A.G. Barr will buy the freehold interest in the building, which will incorporate manufacturing, warehousing and office uses, on its completion at the end of 2012.
This deal represents the largest investment in warehousing space outside of Scotland by A.G. Barr, which is best-known for its IRN-BRU, Tizer and Rubicon soft drinks brands.
Ken Thurtell, a partner at Gerald Eve, comments: “Magna Park is the ideal location for A.G. Barr, with the build-to-suit nature of the project providing a bespoke facility that exactly meets the company’s needs.
“For firms such as A.G. Barr that have weathered the recession well, with strong balance sheets and an eye on future growth, design-and-build premises are increasingly viable options and we are seeing growing interest from corporates in such deals.”
Andrew Memmott, operations director at AG Barr plc, said: “We are very pleased to be partnering with Gazeley on this major project at one of the UK’s leading warehouse and distribution parks. Value for money, combined with Gazeley’s expertise and certainty of delivery, gives us the confidence that this partnership will be a successful investment.”
Magna Park Milton Keynes is Gazeley’s flagship UK development site covering 210 acres, with planning consent for 4.4msq ft. Current occupiers include John Lewis and River Island.