UK commercial property investor Royal London Asset Management Property has acquired a 54-acre site in the East Midlands for a £340m (€389m) logistics project.
Royal London Asset Management Property said it will partner with developer Graftongate to develop the project, which will provide over 1.25m sqft of prime space at the Brackmills Industrial Estate in Northampton.
The site includes an existing 312,831sqft distribution warehouse, which is now available for lease on short flexible terms.
It is the largest logistics development to date for Royal London Asset Management Property, a firm with a £3.2bn portfolio of industrial assets across the UK.
Robert Kiernan at Royal London Asset Management Property, said: “The acquisition of this landmark site in Northampton represents a pivotal moment for our industrial and logistics strategy. Opportunities of this scale and prominence in the UK’s logistics ‘Golden Triangle’ are exceptionally rare.
“With its outstanding connectivity for transport and labour, the established occupier base nearby and flexibility to deliver a variety of unit sizes, this project will become a key development in our logistics portfolio.
“We are excited to deliver a best-in-class scheme with Graftongate that meets the evolving needs of occupiers and reinforces our commitment to long-term, sustainable value creation for our investors.”
Jamie Hockaday at Graftongate said: “Brackmills 54 provides an opportunity to bring forward more than 1.25m sqft of prime logistics space in one of the UK’s most established distribution locations. The site’s scale, connectivity and access to a strong labour pool make it an exceptional proposition for national and international occupiers.
“We look forward to continuing our relationship with Royal London Asset Management Property to deliver a sustainable, best-in-class scheme.”
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