Royal London Asset Management Property and logistics development specialist Scannell Properties have acquired a 13.3 hectare site in Tunbridge Wells, Kent.
The site has obtained outline planning permission, paving the way for an industrial and warehouse development.
Strategically located within Kingstanding Business Park, the plot offers access to both Royal Tunbridge Wells town center and key transportation links. Its proximity to the A21 motorway provides a direct connection to the M25, while major international trade hubs like the ports of Dover and Medway are also close by.
This project will deliver over 500,000 square feet of industrial and logistics space. Upon completion, the development's gross development value is estimated to reach £135 mln (€160 mln).
The development targets BREEAM Outstanding and 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.’
The acquisition comes after Royal London Asset Management Property finalized a series of transactions in May in the industrial and logistics sector worth over £350 mln (€415 mln).
Royal London Asset Management Property and Scannell Properties were represented by JLL.
