Logistics and distribution investor-developer Gazeley has acquired a 19-acre redevelopment site at Moulton Park in Northamptonshire in the UK from Ropemaker to develop three speculative new warehouses in partnership with Equation Properties.
Financial details were not disclosed.
The site, formerly occuped by Robert Horne Paper Company, will be named G.Park Northampton. The assets under development comprise 50,000 ft2 (4,645 m2), 90,000 ft2 and 155,000 ft2 of space respectively.
'The site’s prime, strategic position and excellent transport links will provide our fast-expanding customer base with unparalleled access to the UK’s largest markets,' said Alex Verbeek, managing director, UK, Gazeley. 'We are very much looking forward to working with our partners, Equation Properties, to begin this exciting development.'
Equation Properties was the adviser on the acquisition and will be retained as development manager. Demolition and construction is expected to commence at the start of June and is scheduled for completion by the end of 2018.
Each building will be developed to BREEAM Very Good certification and include sustainability features such as LED lighting, solar thermal heating, rainwater harvesting and wellness initiatives for employees.
Gazeley, which was acquired by GLP in December 2017, is the global company’s European platform.
'This acquisition and intention to develop speculatively further underlines and strengthens our position in the UK as we continue to expand our land bank and development platform responding to the compelling demand for logistics and distribution space,' added Verbeek.
'Northampton remains a prime target market for both businesses with significant recent take up of available logistics space and strong rental growth,' said Nick Redwood, development consultant to Equation Properties.
Equation Properties is currently involved in new industrial and logistics property development totalling around 4 million ft2 in prime Midlands and South East locations in England.
Burbage Realty advised Ropemaker on the sale.