Tritax secures planning approval for cross-docked logistics in London

Tritax

November 28, 2018 – Tritax Big Box REIT, a British real estate investment trust investing in ‘Big Box’ distribution centres, has secured planning permission from Dartford Borough Council for the proposed development of a cross-docked logistics facility at Littlebrook in Dartford, London, within the M25.

The company acquired the facility in July 2017.

 

Tritax said that the 450,240ft² facility will have an internal height of 21m. The proposed development is on 28.6 acres of Phase 1 land and the permission consolidates planning consents from other parts of the site.

The project has already evoked several enquiries and the company is targeting a yield on cost on Phase 1 of more than 6.5%.

The Littlebrook site is one of the largest big box logistics parks in London and is located in a core South East ‘Last Mile’ location on the edge of London and inside the M25 orbital motorway.

The site has good road and port connectivity and can support the potential development of approximately 1.7 million ft² of logistics distribution buildings, including several big box logistics facilities, along with some smaller urban logistics facilities.

By developing buildings on a pre-let basis on this site, the company will add new high-quality investments to its portfolio over the coming years at an attractive yield on cost, while minimising risk.

Demolition of Phases 1 and 2, which total 54 acres, has been completed, while ensuring that as much of the demolished material as possible is recycled. So far, the company has achieved a recycling level of more than 98% across the site.

The demolition of Phase 3, which includes the main power station and associated infrastructure, is expected to be completed in 2020.

The company is holding discussions with Dartford Borough Council for a separate application for outline planning consent on the balance of the site.

Tritax partner Colin Godfrey said: “Working alongside our development partner, Bericote Properties, we are delighted to have been granted planning permission for the first development phase of this exciting Big Box logistics park within the M25 at Dartford, London.

“The development team look forward to continuing to build on the positive working relationship established with Dartford Borough Council to progress discussions to secure planning consent for the development of the balance of this site.”

Source:-https://www.worldconstructionnetwork.com/news/tritax-secures-planning-approval-for-cross-docked-logistics-in-london/

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