AXA Investment Managers - Real Assets has started the first phase of development at its commercial estate in Dagenham, East London, via its pan-European logistics and industrial development platform Baytree Logistics Properties.
The site was acquired in February 2016 by AXA IMRA, acting on behalf of its clients, with a plan to initially construct two speculative buildings totalling 6,400 m2 and 4,160 m2 scheduled for delivery this summer.
'Baytree Dagenham is one of the premier commercial developments in the South East, drawing on Baytree’s significant capabilities and highlighting the attraction of our approach to delivering prime commercial and distribution assets,' commented Jonathan Priestley, commercial director at Baytree Logistics Properties. 'The location of the development is in an area that is currently undersupplied, provides us with the opportunity to create one of London’s leading commercial developments.'
In addition, the site is being prepared for the construction of a third 5,429 m2 shed, incorporating both grade-A warehouse and office space.
The initiative follows the acquisition of a 38,090 m2 development site on the M1 motorway at Luton, UK, also to be developed by Baytree.
Sustainable features
As part of AXA IMRA's focus on sustainability, Baytree has established a collaboration with the International WELL Building Institute (IWBI) and BREEAM to pilot a WELL Certification in the industrial property sector.
A variety of sustainable building features will be included at Dagenham, such as external gym equipment, solar photovoltaics linked to battery storage, electric vehicle charging stations, air source heat pumps, enhanced use of recycled and recyclable materials, prefabricated building elements, low energy LED lighting and a super airtight insulated building envelope.
'This is a significant milestone at one of our high-quality assets in the Baytree platform, backed by AXA IMRA and our development capabilities,' said Nathalie Charles, regional head of asset management & transactions, Southern Europe, & pan-European development leader at AXA IMRA.
'The Baytree Dagenham site is exceptionally well-located to take advantage of the growing demand from large retailers for urban logistics and distribution assets, which gives us confidence to back this development in advance of securing a tenant,' Charles concluded.
