Panattoni has increased its investment in its net zero carbon logistics park at Sittingbourne, England, to £170 mln (€198 mln) with the acquisition of an additional 10-acre site at G Park Sittingbourne.
Panattoni is preparing to submit a planning application for a 128,050 ft2 unit on the new site. Construction of this second phase of development is expected to start in the fourth quarter of this year, with completion due in the third quarter of 2025.
Panattoni is already under construction with the 645,000 ft2 first phase of development at the park, comprising two units of 440,000 ft2 (S440) and 205,000 ft2 (S205). Completion of these two units is expected in March 2025.
Panattoni Park Sittingbourne, which will total 773,000 ft2 on 36 acres, is targeting net zero carbon development with an expected BREEAM sustainability rating of ‘Excellent’ and an EPC rating of ‘A’. All units are to be developed with enhanced sustainability measures within the base specification, including the installation of roof-mounted photovoltaic panelling and electric vehicle charging points.
Tony Watkins, head of Development for the South East and London at Panattoni, said: 'This expansion of our site at Sittingbourne reflects the attractiveness of the location, which is suffering from an acute supply-demand imbalance. It is part of our strategy to acquire land in undersupplied markets in London and the south east that offers value-add opportunities.'
Panattoni was advised by JLL. The vendor, GLP, was advised by Avison Young.
