European logistics property developer Gazeley is building the largest speculatively developed high-bay distribution warehouse in the South-east having obtained planning consent. The 45,335sq m (488,000sq ft) logistics facility – to be marketed as Ultrabox – is being developed in a joint venture with Standard Life Investments at Purfleet, Essex.
Construction at the site, which is situated on London Road (Purfleet Bypass) near the M25’s J31, began in June with completion scheduled for later this year. Gazeley purchased the 28-acre (11.3 hectare) brownfield site, part of the former Esso Oil Depot, site in 2003.
The £55M unit has been designed for a single blue chip occupant. Letting agents FPDSavills and Holley Blake will actively market Ultrabox to potential industrial and distribution occupiers, with rents being quoted in the region of £80.73 per sq m (£7.50 per sq ft).