Panattoni has acquired a prime site near Brighton for a 257,000 sq ft speculative logistics development.
The developer acquired the 12-acre site, which is located within the boundary of Brighton City Airport and has good access to the A27, in an off-market deal from an investment vehicle managed by Kennedy Wilson.
Panattoni intends to begin speculative development of Panattoni Park Brighton, which has detailed planning consent, in the first quarter of 2023, with completion expected in Q4 next year.
The park will consist of seven building offering units ranging from 19,000 sq ft to 71,495 sq ft, which will benefit from eaves ranging from 7m to 10m. The developer is targeting BREEAM Excellent and an EPC rating of A for the scheme.
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, added: “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”.
Kennedy Wilson was represented by DTRE on the sale. The agents for Panattoni Park Brighton are DTRE, Savills and SHW.
