Panattoni has agreed to acquire a prime five-acre site for a 100,000 sq ft speculative industrial space in Milton Keynes.
A detailed planning application for its £30 million Panattoni Milton Keynes 100 scheme will be submitted in Q2, as part of the developer’s bid to expand its logistics hubs in the city.
The site, acquired from owner-occupier Tesa UK, will be redeveloped following the demolition of an existing industrial unit. It offers easy access to major routes across the country and is in addition to its ongoing development of Panattoni Park less than one mile away.
That scheme comprises two speculative units; one of 343,666 sq ft which is now complete and ready for tenant fit-out, while the 448,366 sq ft unit is scheduled for completion in May.
Both units seek BREEAM Outstanding rating and are net zero carbon in construction. Panattoni says they offer best-in-class facilities in a prime logistics location – near J14 of the M1.
James Watson, head of development, Southern England & London at Panattoni said: “Our latest acquisition underlines our long-term commitment to Milton Keynes and our confidence in the region’s industrial and logistics market.
“With the completion of the new logistics hub, Panattoni Park Milton Keynes, we wanted to continue to expand our speculative offering, giving tenants flexible size options for businesses to move and grow in the region.
“Panattoni is offering clients modern, high-quality, sustainable space in a prime location. This investment aligns with our strategy to deliver best-in-class facilities to meet occupier demand.
“We look forward to bringing forward the planning and working with the community even further.”
Panattoni was advised by Savills on the acquisition.
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