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Two 1m sq ft logistic parks to go to construction

Panattoni, the largest logistics real estate developer in Europe, is planning a £250m speculative logistics development, which will include the UK’s largest-ever speculative logistics building, in Avonmouth, Bristol.

The development, called Panattoni Park Avonmouth, will be located on a prime, 73-acre site, Central Park, which Panattoni has just acquired in an off-market deal.

Panattoni said it would commence speculative development of 1.3m sq ft of consented space in two units of 406,000 sq ft and 882,000 sq ft, which will be the UK’s largest-ever single speculative logistics building.

James Watson, Development Director at Panattoni, said: “Our new acquisition gives us the ability to deliver large-scale speculative units in an established logistics location. UK stock remains at an all-time low at a time when Bristol and the wider south-west and south-east markets are experiencing their strongest take-up for many years”.

Panattoni expects to start construction shortly, with the intention of completing the development in the third quarter of 2023.

At the same time, Tritax Big Box has revealed that it has successfully pre-let 1m sq ft across four planned buildings at Symmetry Park Rugby to a global leader in storage and information management services.

Development plan at Tritax Park Rugby

Delivery of the four buildings will be phased with 321,000 sq ft due to practically complete next summer. This advanced to construction last month as part a speculative programme.

The remaining 643,000 sq ft of space is expected to practically complete towards the end of next year.

Colin Godfrey, TRitax CEO, said: “Our successful letting of one million sq ft of prime logistics space will be one of the largest UK letting transactions completed so far this year and is further evidence of our strategy delivering growing rental income to our investors at an attractive yield on cost.

“Our development activity continues to gather momentum as we benefit from strong and diversified occupational demand.”