Savills Investment Management (Savills IM), the international real estate investment manager, working with Panattoni – the UK’s largest speculative developer – as development manager, has commissioned a new net zero carbon logistics/warehouse development at its Belvedere Wharf site in Bexley, southeast London. Belvedere is one of London’s premiere logistics locations. It will be the final phase of speculative development at the site following the successful disposal of the previous two phases.
The new project involves the redevelopment of a six-acre site providing up to 112,842 sq ft of industrial/distribution space. The brand new development can be taken as a combined 112,842 sq ft unit or as two separate units of 51,446 and 61,376 sq ft each, and will be ready for occupation Q4 2021.
Lucy Winterburn, Director, Investment, Savills IM, commented:
“Belvedere Wharf is in an area with great potential for regeneration and growth. There is a growing shortage of land suitable for redevelopment within the M25, and this final phase of speculative investment in this asset demonstrates the confidence that we have in the resilience of London despite Brexit and the COVID-19 pandemic. To deliver a net zero carbon product is a first for our client, but a commitment that we are embracing across the portfolio in both standing investment stock and new development. It is an exciting milestone for the fund.”
James Watson, Director, Panattoni, commented:
“The UK’s industrial market remains robust despite current economic challenges. Supply of high quality logistics/warehouse accommodation is very low in the southeast, and as the economy normalises, Belvedere Wharf will offer a unique opportunity for us to capitalise on the current supply dynamics. We are delighted to be working once again with Savills IM, this time showcasing a net carbon zero development.”
The agents on the scheme are Savills, Glenny and DTRE.