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Morley and Gazeley Plan Welwyn Warehouse

LONDON-Morley Fund Management and Gazeley Properties, the property arm of Wal-Mart, are to develop a 200,000-sf speculative distribution scheme on a major 9.4-acre industrial/distribution site in Welwyn Garden City, Hertfordshire.

By Graham Parker | Updated on December 11, 2002

LONDON-Morley Fund Management has joined forces with Wal-Mart’s property arm Gazeley Properties to develop the Mundells Centre site on the A1(M) in Welwyn Garden City, Hertfordshire. Consent already exists for a 200,000-sf distribution warehouse and the two plan a speculative start on site in January 2003.

The deal is the second joint venture between the two companies, which are also working on the ESAB site on the M25 at Waltham Cross. Morley acquired the Mundells Centre site from Glaxo SmithKline for £6.5 million ($10 million). It is currently occupied by 376,000 sf of redundant office, industrial and warehouse buildings.

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