industrial logistics commercial property

News - 06/04/2022

LSH Complete Bognor Regis Acquisition On Behalf of Kier and PGIM Real Estate

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Lambert Smith Hampton’s (LSH) south coast Industrial & Logistics agency team has completed the acquisition of 8.9 acres of developable land situated close to Saltbox Business Park in Bognor Regis.

The acquisition, totalling £13.35m, represents the first acquisition under Kier Property’s new joint venture with PGIM Real Estate which was signed in December 2021 with the aim of developing brownfield and underutilised sites across the UK. 

The site was purchased from Landlink Development 1 Limited as three vacant plots with Kier planning to develop Phase II of the park which will see delivery of circa 200,000 sq ft of modern, high-quality industrial space spanning 11 units ranging between 3,000 – 50,000 sq ft. The first phase, which was undertaken by Landlink Development 1 Limited, comprises a Warburtons distribution facility, an Aldi store and Greggs and Starbucks drive-thrus.

The site lies within the designated area of Enterprise Bognor Regis, which is a 70-hectare commercial and employment development opportunity earmarked as the premier commercial development site in coastal West Sussex. Boasting excellent transport links, the development provides occupiers with quick and easy access to the ports of Portsmouth and Southampton to the West and the Shoreham commercial port and town of Brighton to the East.

Dan Rawlings, Director – Industrial & Logistics at LSH said:

“We are delighted to have completed this acquisition, the first of which on behalf of the newly formed joint venture between Kier Property and PGIM Real Estate."

“The site is an already well-established area which is home to a number of household names and the further development of the area will help bring to market some much needed warehouse space in an area where supply remains incredibly tight. We very much look forward to working alongside CBRE on the letting of this scheme.”

Leigh Thomas, Managing Director for Kier Property commented:

“The acquisition of this site is an important milestone in kickstarting our new joint venture with PGIM Real Estate and forms the primary part of our new strategic joint ventures in our core sectors of industrial, offices, and mixed-use residential and defines the next exciting chapter in our growth plans."

“The joint venture has an ambitious pipeline and is keen to consider more opportunities within the industrial sector and has proven to be a highly resilient market, which looks set to continue.”

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