Panattoni has acquired a site near Brighton for a 257,000 sq ft speculative logistics development designed to serve the South Coast markets.
The development, called Panattoni Park Brighton, is on a 12-acre plot which has been bought in an off-market deal from an investment vehicle managed by Kennedy Wilson. SHW has been appointed as letting agent for the scheme, along with DTRE and Savills.
Panattoni plans to begin speculative development of the park, which has detailed planning consent, in Q1 of 2023, with completion expected in Q4.
It will comprise 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: "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."
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."