Panattoni has acquired a 26-acre industrial site in Sittingbourne, Kent, from abrdn for £150m. The site has planning consent for two units spanning 439,228 sq ft and 205,320 sq ft, which will be speculatively developed.
Panattoni Park Sittingbourne is located four miles from junction five of the M2 and will be a net zero carbon development.
The site has 5MVa of power available with a further capacity of additional 1.35MVa from the solar PV provided as part of the base specification by Panattoni. The developer is targeting BREEAM Excellent and an EPC A rating for the scheme.
Tony Watkins, head of development for the South East and London at Panattoni, said: “This third acquisition in the south in 2023 confirms our success in delivering on a strategy to acquire land that provides value to investors and customers in the current commercial environment. We will continue to selectively purchase key developments that offer value-add opportunities within core markets in London and the South East, where we can drive rental growth. We hope to be announcing more acquisitions this quarter”.
Construction is due to commence at the end of the fourth quarter of 2023, with a targeted completion date in the fourth quarter of 2024. Panattoni was advised by JLL and abrdn was advised by Avison Young and Savills.
