Scannell Properties and Royal London Asset Management Property have secured a 33-acre site, in Tunbridge Wells, Kent, with outline planning permission to deliver prime industrial and warehouse facilities.
The plot sits within Kingstanding Business Park close to Royal Tunbridge Wells town centre, and benefits from its proximity to London and the southern home counties. It has immediate access to the A21 road which connects to the M25 Motorway, and is near major international trade hubs including the ports of Dover and Medway.
The proposed scheme will deliver over 500,000 sq ft of new, best-in-class industrial and logistics accommodation. The post-development GDV is estimated at £135m.
The scheme targets a BREEAM Outstanding and an EPC A+ rating.
Daniel Shepherd, Investment Manager at Royal London Asset Management Property said: “This acquisition marks a significant milestone in our strategy to expand in the logistics sector and demonstrates Royal London Asset Management Property’s commitment to providing high-quality logistics developments in strategic locations. We look forward to working with Scannell Properties on the scheme's progression and delivering much-needed industrial facilities and offices in the South East.”
Geoffrey Pizzanelli, Head of Capital Deployment for Europe and the UK at Scannell Properties added: "After identifying and securing this opportunity, we have worked closely with the local authority to design the optimal concept including a change of use for the site from offices to a much-needed industrial and logistics scheme. The park and its units will offer modern, flexible space with excellent sustainability credentials, aligned to the rapidly evolving needs of occupiers operating in the UK. We are looking forward to delivering the project and managing the leasing process on behalf of Royal London Asset Management.”
Scannell Properties and Royal London Asset Management Property were represented by JLL.