European logistics developer Gazeley, in joint venture with Standard Life Investments, has bought 126-acres of Kemsley Fields Business Park in Sittingbourne, Kent from Kemsley Fields, for £20M.
The development site, one of the largest in the South-east, has outline planning consent for about 167,220sq m of B1, B2 and B8 employment uses.
Gazeley and Standard Life Investments are seeking reserved matters planning approval immediately with a view to commencing the first phase of the development early next year.
Peter Boros, of CPM Consulting, which advises Kemsley Fields, says: “Kemsley Fields Business Park occupies a nationally strategic position, close to the Channel Tunnel, the national motorway and rail networks. In just 18 months we have enabled the transformation of the site and its future development into a major employment and residential regeneration project that will bring sustainable economic growth to the area.”
Commenting on the business park, James Behrens, development director for Gazeley, says: “We are pleased to have successfully acquired this site which represents a rare opportunity to offer large footprint buildings close to the M25 but at a substantial rental discount.”
l A further 19 acres at Kemsley Fields Business Park has been sold to the Knauf Group, the international building materials manufacturer, enabling it to expand its existing operations in Sittingbourne.