Developer Landlink Estates has completed the £18.6 mln (€22 mln) forward funding sale of the first phase of Saltbox Business Park to Knight Frank Investors.
Saltbox Business Park is an industrial/ retail/logistics/warehouse park in Bognor Regis, West Sussex situated in 17 acres of land. The first phase of the scheme included 3 plots to deliver a range of trade, industrial, retail and warehouse units from 2,500 to 150,000 sq ft (14,000 m2). Phase 1 of the Business Park is now fully operational and houses a state-of-the-art Warburtons distribution facility, as well as a new Aldi food store and Starbucks and Greggs drive thrus, all of which are due to open in Q3 2021.
Paul Hanson, CEO of LandLink Estates said, 'We have recently expanded our management team and are planning to step up our work across both the commercial development and strategic land sectors. This deal with Knight Frank Investors is our first step into the institutional market and we are looking for further opportunities to add value to our extensive land and property assets going forward.'
'It’s been exciting to advise Landlink Estates on its first foray into the institutional market and to help them deliver a great result in what remains a challenging market for commercial development,' commented Guy Sackett oflaw firm Irwin Mitchellwhich advised the vendor.
Landlink Estates was also advised by Will Marsh of Marsh & Baxter and CBRE.
Landlink Estates is an independent, privately owned property development company based in West Sussex managing over 6,500 acres of land and property.