Planned construction of two 1m sq ft logistics parks announced.

Two major logistics park developers, Tritax Big Box and Panattoni have announced plans to construct 1m-plus sq ft schemes in Rugby and Avonmouth.

Panattoni is the largest logistics real estate developer in Europe. The company is planning a £250m speculative logistics development, in Avonmouth, Bristol.

The development will be called Panattoni Park Avonmouth. It will be located on a prime, 73-acre site, Central Park, which Panattoni acquired in an off-market deal.

Speculative

The company will begin speculative development of 1.3 million ft² of consented space in two units of 406,000ft² and 882,000ft². This will be the UK’s largest-ever single speculative logistics building.

Panattoni announced the intention of completing the development in the third quarter of 2023. It is strategically positioned for local and national distribution. Connections include the M32, M48, M49, M4 and M5 motorways, alongside Amazon, DHL and Tesco.

Panattoni have committed to more than 20 million sq ft of new industrial space across the UK in the last 4 years.

Large Scale

James Watson, Development Director at Panattoni, said: “Our new acquisition gives us the ability to deliver large-scale speculative units in an established logistics location. UK stock remains at an all-time low at a time when Bristol and the wider south-west and south-east markets are experiencing their strongest take-up for many years”.

In addition, Tritax Big Box revealed that it has successfully pre-let 1m sq ft across four planned buildings at Symmetry Park Rugby. The lease will be to a global leader in storage and information management services.

Delivery of the four buildings will be phased with 321,000 sq ft due to practically complete next summer. This advanced to construction last month as part a speculative programme.

The remaining 643,000 sq ft of space is expected to practically complete towards the end of next year.

Colin Godfrey, Tritax CEO, said: “Our successful letting of one million sq ft of prime logistics space will be one of the largest UK letting transactions completed so far this year and is further evidence of our strategy delivering growing rental income to our investors at an attractive yield on cost”.

James Watson, Development Director at Panattoni, said:

“Our new acquisition gives us the ability to deliver large-scale speculative units in an established logistics location.

“UK stock remains at an all-time low at a time when Bristol and the wider south-west and south-east markets are experiencing their strongest take-up for many years”.