US real estate giant Panattoni has begun speculatively developing 1.3 million sq ft of logistics space near Bristol.
The £280m development, Panattoni Park Avonmouth, includes two units of 406,000 sq ft and 882,000 sq ft, the biggest of which Panattoni says will be the UK’s largest-ever speculative warehouse building. Both units are being built in one phase and are expected to be completed in September 2023.
The units will be built to a targeted BREEAM rating of ‘Excellent’ and an EPC rating of ‘A’, and will have 50m yards, 17m-plus clear internal heights, car and lorry parking, and 8MVA of power. ISG has been appointed as the main contractor.
The park is located close to logistics occupiers such as Amazon, DHL, The Range, Tesco and Lidl.
James Watson, development director at Panattoni UK, said: “We closed the purchase of this site despite the current macro-economic challenges, but have conviction the logistics occupier market will continue to perform.
"Our continued commitment to the big box market is shown with this being the largest speculative development in the UK. We are glad to be on site with construction, providing much-needed space for such a supply-constrained market."
Robert Dobrzycki, chief executive and co-owner of Panattoni Europe and India, added: “Developing the largest-ever speculative logistics building in the UK is testament to our global strategy of scaling up our developments at the highest level of quality and reflects our continuing confidence in the logistics sector as well as our desire to provide much-needed space for our international client base.”
The agents for Panattoni Park Avonmouth are DTRE, Savills, JLL and Colliers.
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