Logistics developer Panattoni and Legal & General’s Industrial Property Investment Fund (IPIF) have announced the purchase of land in Basingstoke, UK, marking Panattoni’s second M3 corridor development programme in just under a month.
The 11-acre (44,500 m2) site will accommodate three net-carbon-zero warehouses of 40,209 ft2 (3,736 m2), 77,548 ft2 and 96,302 ft2. The park is located within an already established industrial area, according to the JV.
Oliver Bertram, development director at Panattoni, said: 'This location has excellent links to the M3 corridor which serves Europe’s largest consumer market. We are proud to start this new development which we believe will be in high demand.
'The park is committed to deliver sustainable and future-proofed net carbon zero units allowing our tenants to benefit from the efficiency.'
The buildings will harness net carbon zero (NZC) technology to prioritise energy efficiency and reduce operating costs. The buildings will be built to a BREEAM rating of ‘Very Good’ and an EPC rating of ‘A’.
Specifications include 100% LED-sensored lighting, 15% roof lights and extensive electric vehicle charging points.
Said Jonathan Holland, senior fund manager of IPIF at LGIM Real Assets: 'This new acquisition forms part of our investment strategy adding to our London and South East portfolio.
'With high demand in this strategically important location from e-commerce and last-mile occupiers, we believe this will be an excellent long-term opportunity.'
Added Betram: 'V Park Basingstoke is being delivered at speed and we are looking forward to completing these ready for occupation by the end of Q2 2022.
'Demolition of the former Motorola factory is set to start in June this year. Once completed, the facilities could generate over 215 full time jobs.'
The agents for the scheme are CBRE and Cushman & Wakefield.
