Real estate developer Panattoni has acquired a 26-acre site in Sittingbourne, Kent for £150 million.
The site, purchased from investment firm Abrdn, will see the speculative development of two units, totalling 626,468ft². One facility will be 439,228 ft² and the other 205,320ft².
Each unit will be built with the aim of achieving BREEAM ‘Excellent’ certification and an EPC rating of ‘A’.
According to Panattoni, the site will benefit from “5MVa of power available with a further capacity of an additional 1.35MVa from the solar PV provided as part of the base specification by Panattoni”.
Construction is set to begin before the end of the year, with practical completion expected in Q4 2024.
This purchase takes Panattoni’s spend on acquisitions in the south of England to over £350 million for the year to date.
Earlier this year, the developer acquired sites in West London and Milton Keynes, with the former set to host an 80,000ft² unit and plans in place for the construction of two speculative units (350,000ft² and 450,000ft²) at the latter.
Panattoni Park Sittingbourne will be located around 15 miles away from the existing Panattoni Park Aylesford. Amongst the occupiers at Panattoni’s Aylesford site are DHL and Evri, both of which agreed a 15-year lease.
For the sale of the site in Sittingbourne, Panattoni was advised by JLL while Abrdn was advised by Avison Young and Savills.
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