Cushman & Wakefield was appointed by Marks & Spencer’s Plc to identify opportunities in the North of England to accommodate a 1,000,000 sq ft regional distribution centre in order to serve its northern retail portfolio.
C&W carried out a search of appropriate development opportunities based on detailed transport metrics provided by M&S that resulted in preliminary negotiations being undertaken with a number of Developers and Land Owners in the North of England. The preliminary enquiries factored heavily upon deliverability of a sustainable option and the ability for M&S to participate in the development by way of potential joint venture.
Our advice and involvement resulted in a 50/50 joint venture being set up between M&S and ProLogis. Following planning permission being granted in July 2008, M&S has acquired a 50% interest in ProLogis Park, Bradford and further agreed to invest approximately £20,000,000 in developing out a 1,060,000 sq ft purpose built regional distribution centre. Marks & Spencer’s have agreed to take a 35 year lease of the completed unit from the joint venture on market terms and practical completion of the scheme took place in March 2010.