Bericote form JV with Tritax and make £65m site purchase
Tritax Big Box REIT has bought the former Littlebrook Power Station site in Dartford for £65m to develop one of the largest distribution centres inside the M25 motorway.
The site, next to the Thames River Crossing, was decommissioned in 2015 and extends to 124 acres. Tritax is aiming to develop of 1.7m sq ft of logistics distribution space, including several big box logistics facilities of over 400,000 sq ft, together with some smaller urban logistics facilities. Part of the site already has planning consent for 517,000 sq ft of storage and distribution space.
Tritax, working in partnership Bericote Properties, will apply for planning consent for the remaining land. The site will be developed in phases, with site preparation costs estimated at around £25m. Construction will commence on a pre-let basis, and Tritax is aiming to begin building work in Autumn 2018.
Colin Godfrey, partner of Tritax, said: “Large strategic sites for big box distribution buildings within the M25 are scarce and are in strong demand from occupiers. The site is capable of supporting several big box distribution facilities as well as smaller urban logistics facilities for serving the London and south east markets in particular. The development of the buildings, in partnership with Bericote, will only commence on a pre-let basis and provide an opportunity for the company to enhance our existing portfolio with further prime logistics investments at an attractive yield on cost.”