GMI Construction has secured the contract to overhaul an area in Milton Keynes in favour of a £20 million Industrial and Logistics (I&L) hub.
The contractor was hired by developer DV5 Last Mile Developments (UK) Ltd – a joint venture between Coltham and clients of Delancey Real Estate – to build three warehouses spanning more than 175,000 sq. ft at Precedent Drive.
The project involves the demolition of the existing vacant office buildings on site to make way for the new units.
Unit One has been pre-let to a manufacturer, with the remaining two to be built speculatively.
CAT B fit-out works are required for the first unit, which include the ground to first floors, and M&E services in the warehouse.
External works include car and HGV parking, improved drainage, and extensive landscaping.
GMI is targeting completion by October.
Precedent Drive, which is expected to create 300 jobs, marks the contractor’s expansion into the South East after recently securing its first major residential contract in the South West – a £50 million PBSA in Bristol.
“Securing this contract highlights GMI’s ability to deliver cutting-edge industrial and logistics projects that combine innovation with sustainability,” said Adam Taylor, GMI regional director – Midlands.
“Expanding into the South East represents a significant step forward in our growth strategy and underscores our reputation for delivering exceptional results.”
GMI recently delivered another year of profit, as it fulfils its strategy of “controlled consolidation” by slashing revenue by nearly 30 per cent.
As a result of the strategy to reduce turnover, the firm generated a pre-tax profit of £1.04 million for the year to 30 September 2024, up from £0.92 million in 2023, as well as improved cash reserves of £19.3 million (2023: £10.2 million).
Last year GMI, which operates in Yorkshire, North East England, North West England and the Midlands, tipped back into profit from a £2.3 million loss in 2022.
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