Panattoni has acquired a prime site near Brighton for a 257,000ft² speculative logistics development called Panattoni Park Brighton.
The development is on a 12-acre site, which Panattoni has just acquired in an off-market deal from an investment vehicle managed by Kennedy Wilson.
It is located within the boundary of Brighton City Airport and with excellent access onto the A27.
The company plans to begin speculative development of the park, which has detailed planning consent, in the first quarter of 2023, with completion expected in the fourth quarter.
It will consist of seven units, ranging from 19,000ft² to 71,495ft², which will be built to a targeted BREEAM rating of ‘Excellent’ and an EPC rating of ‘A’ and benefit from eaves ranging from 7m to 10m, 15% roof lights and EV charging for vans and cars. The speculative development will offer much-needed space for occupiers, due to the lack of availability in the area.
Tony Watkins, Head of Development for the South East and London at Panattoni, said: “Despite the headwinds facing the whole real estate sector, both Panattoni and Kennedy Wilson are delighted to have closed the transaction for this very well-located site in a very supply-constrained market. We hope to work together on further development transactions. We continue to look for opportunities to acquire land, given that the need from occupiers for the development of new facilities remains great. Logistics still has value and we retain our strong commitment to the sector”.
Mike Pegler, Head of UK at Kennedy Wilson, said: “We recognised a compelling opportunity to unlock the full potential of the whole Brighton City Airport estate following our acquisition of the site in 2020 and moved quickly to secure planning permission for a new industrial development on this site. Two years later, as demand for new logistics and industrial space has steadily increased within a region acutely lacking in supply, we are pleased to complete this transaction with Panattoni that will lead to the creation of much-needed, high-quality space with leading ESG credentials. We retain our interest in the remainder of the airport estate and look forward to working with all stakeholders to further its long-term success”.