Multi-million deal for Magna Park warehouse
A NATIONAL furniture retailer is to move into the last vacant warehouse at Magna Park after a real estate company purchased the site in a multi-million pound deal.
Formal Investments Ltd completed the purchase of the 425,000 sq ft Hydro Warehouse at Magna Park on Monday.
The price of the warehouse has not been revealed, but earlier this year Network Rail had put in an offer of £25 million for the site, which was beaten by Formal Investments’ bid.
Furniture manufacturers and retailers Steinhoff, which owns a number of well-known bed brands including Harveys and Sleepmasters, are set to move into the site.
Steinhoff say it is too early to say how many jobs the new warehouse facility will create, but it is another boost for Magna Park, which announced just weeks ago that several hundred new jobs could be created if a planning application submitted by logistics firm Stobart is successful.
Nicholas King, a director at Formal Investments, the firm which will be sub-letting the warehouse to Steinhoff, said: “As one of the largest distribution centres in the UK, in the wonderfully accessible location of Magna Park, Hydro is an asset of the highest quality.
“Hydro illustrates the scale of our ambitions and prospectsfor continued growth.”
The Hydro warehouse was constructed by Gazeley, the owners of Magna Park, in 2005, and was occupied by clothing giant Primark and distributors TNT.
However, Primark moved its operations to Thrapston in Northamptonshire in 2010, leaving the Hydro site vacant.
Before its construction, the name Hydro was considered apt as the warehouse included internal water recycling facilities and solar-warmed hot water.
Robert Shacklock, of finance advisory firm Shacklock and Partners, said: “This was a very exciting project with which to get involved. We were delighted to represent Formal Investments in the acquisition of Hydro, a landmark centre.”
The Hydro warehouse was one of the largest vacant warehouses in the midlands and there is thought to be less than nine million square feet of vacant warehouse space across the UK.
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