Royal Mail signs new £357,960 annual lease deal for space in MK

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Royal Mail Group has taken a 15 year lease on a 112,000 sq ft of distribution space in Milton Keynes.

The £357,960 annual rent deal in Michigan Drive, Tongwell, has been delivered by UK & European Investments, the company behind a new 100,000 sq ft Volkswagen Financial Services (UK) HQ in nearby Delaware Drive.

UK & European sees Milton Keynes as an “increasingly strategic location”.

John Stacey, UK Asset Management Director of UK & European. said: “Over recent years, we have made significant achievements in this area through a combination of securing new tenants to our existing UK portfolio and via new Grade A development activity.

“The recent lettings complement our existing long term investment holdings in Milton Keynes, an increasingly strategic location for distribution and logistics companies.”

UK & European Investments previously developed the 500,000 sq ft. River Island distribution facility at Magna Park during 2010 and now has a total portfolio comprising 700,000 sq ft in Milton Keynes.