Shed developer Gazeley confirms sale to Dubai World

Wal-Mart today confirmed the widely predicted sale of its warehouse developer, Gazeley, with sites in Gillmoss and Skelmersdale, to Dubai.

Economic Zones World, part of the state-owned Dubai World group, paid more than £300m for the developer as part of its strategy to expand into global markets.

EZW has developed and operates the 48 sq km Jebel Ali Free Zone of integrated logistics and distribution facilities adjacent to Jebel Ali Port in Dubai.

Gazeley will retain its name, having built a strong brand through its 60m sq ft (5.6 sq km) of logistics warehouse space.

The 45-acre G-Park scheme in Gillmoss, Merseyside, formerly called Axis before its acquisition from United Utilities Property Solutions in 2006, has consent for 900,000 sq ft.

A speculative unit of 360,000 sq ft is on site and completes in November. Quoting price is £4.75/sq ft. A later phase is likely to be reserved for design-and-build pre-lets on a site that could take a 550,000 sq ft shed or several smaller units. G-Park is a joint venture with MetLife Real Investments.

G-Park is already home to TJ Morris, parent group of high street retailer Home Bargains, which is currently extending its 350,000 sq ft base by a further 200,000 sq ft.

In Skelmersdale, Gazeley owns another 45 acres near Junction 4 of the M58 that could accommodate up to 500,000 sq ft.

Howard George, industrial director at CB Richard Ellis, joint agents on G-Park, said: "It's great news. The worry was that Gazeley would be swallowed up by one of the established big names in the UK, which would have meant another player out of the market. But it will stay as Gazeley, they've kept the very good management team in place and it's business as usual."

Letting agents on G-Park are CB Richard Ellis, King Sturge and Colliers CRE.