Developer Goodman is to build three speculative unites totalling 930,000 sq ft following an agreement to form a strategic development partnership with fund Anglesea Capital.
The move reflects the shortage of readily available Grade A warehouse space in the UK.
Construction will commence on three Goodman-owned sites across the UK in early 2015: Derby Commercial Park, Andover Business Park and Kingsnorth Commercial Park. The units sizes will be 323,895 sq ft at Derby, 336,800 sq ft at Andover and 266,570 sq ft at Kingsnorth and will be ready for occupation in the second half of 2015.
Charles Crossland, managing director of Goodman UK Logistics, said: “We are delighted to enter into this partnership with Anglesea Capital. With strong demand for logistics space across the UK and the lack of Grade A space available, we feel this is the right time to drive our existing land bank forward.”
Anglesea Capital’s Rhys Lewis added: “Goodman are a leading developer in the UK market. In the next 12 months there will be continuing opportunities to develop new grade A stock.” Anglesea has entered into a joint venture with Lone Star Real Estate Fund III who will provide funding to the partnership.
In addition, Goodman has agreed to sell four further logistics assets to the joint venture in Daventry, Wolverhampton, Swansea and Gloucester totalling a further 2.4m sq ft. The partnership was advised by CBRE