Logistics platform Greenbox has acquired a 24-acre development site in the Tess Valley, Darlington, from Premcor Estates for an undisclosed price.
The site benefits from detailed planning consent for up to 402,150 sq ft of manufacturing and logistics space and the three consented units are scheduled to be ready for occupation from Q1 2025.
Greenbox is targeting EPC A, BREEAM Excellent and net carbon zero in construction for the development.
The acquisition is the second made by the Greenbox platform, which is backed by Partners Group, acting on behalf of its clients, and Citivale.
Romain Ruiz, member of management, private real estate at Partners Group, said: “We are excited to announce this new project which aligns perfectly with our commitment to developing new Grade A warehouses and promoting the decarbonisation of the supply chain as part of our Greenbox platform.
“With this new add-on, Greenbox will be able to expand its footprint in the North East region and offer modern facilities that are built to meet the highest sustainability standards. This acquisition is part of our broader strategy at Partners Group to strengthen our presence in the UK logistics sector and to offer robust and eco-friendly solutions to our clients.”
Alex Reynolds, development director at Citivale, added: “This Darlington site is perfectly placed for the Greenbox portfolio. In a highly visible and strategic location for UK wide distribution and last mile, to be able to add an ‘oven-ready’ site to our portfolio sets us up to quickly move forward to provide top-class, sustainable space in a stock deprived market.
“We already have occupier interest for Greenbox Darlington and with detailed planning permission in place, this will be Greenbox’s first net carbon in construction development to complete, ready for occupation at the end of Q1 2025.”
Savills advised Premcor Estates on the sale of the site. WSB Property Consultants LLP and Cushman & Wakefield advised the joint venture partners. Savills and Cushman & Wakefield are letting agents for Greenbox Darlington.
