European logistics property specialist Panattoni has acquired a prime site near Brighton, UK for a 257,000 sq ft (25,500 m2) speculative logistics development.
The project, called Panattoni Park Brighton, is on a 12-acre site, which Panattoni has just acquired in an off-market deal from an investment vehicle managed by Kennedy Wilson. It is located within the boundary of Brighton City Airport and with excellent access onto the A27.
Panattoni plans to begin speculative development of the park, which has detailed planning consent, in the first quarter of 2023, with completion expected in the fourth quarter. It will consist of seven units, ranging from 19,000 sq ft to 71,495 sq ft, which will be built to a targeted BREEAM rating of ‘Excellent’ and an EPC rating of ‘A’.
Tony Watkins, head of development for the South East and London at Panattoni, said: ‘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.’
DTRE represented Kennedy Wilson on the sale. Agents for Panattoni Park Brighton are DTRE, Savills and SHW.