Forth Ports, which owns the Port of Tilbury, has teamed up with developer Roxhill to build out the London Distribution Park on a 70-acre site just outside the port’s gates.
Roxhill has purchased a 50 per cent share in the development scheme from Forth Ports, and the two companies will work closely together in the delivery of the logistics par, which has outline permission for up to 940,000 sq ft of space. In its masterplan for the scheme Roxhill envisage seven units with the largest totalling 250,000 sq ft.
Infrastructure works are due to start shortly and buildings will be available on a either a pre-let or pre-sale turnkey basis, with occupation possible by the end of the year.
The joint venture represents the next phase in Forth Port’s expansion of the Port of Tilbury, following the £120 million upgrade of the London Container Terminal in 2012.
Tom Johnson, real estate partner at Pinsent Masons who led the team advising Forth Ports, said: “Following the completion of the London Container Terminal upgrade, there is a latent and growing demand for industrial space at the Port of Tilbury, and this joint venture goes a long way towards realising this opportunity.
“The prospects for industrial property in 2013 and beyond are excellent, with London Distribution Park uniquely well-placed to capitalise on the opportunities that are sure to arise in the sector.”
Lambert Smith Hampton and Knight Frank are letting agents.