AEW has acquired Frontier Park, in Milton Keynes to develop out a nine unit 760,000ft2 speculative logistics scheme for its develop-to-core logistics venture with Allianz Real Estate.
The proposed new-build project to be developed for AEW by Frontier Estates, is going in for full planning permission and will comprise nine units with the largest unit comprising 370,000ft2. The buildings will have up to 55m yards with clear haunch heights of 10-15m. The warehouses will be built with an EPC ‘A’ rating and BREEAM ‘Very Good’ certifications – in line with the portfolio decarbonisation targets of the venture partners – and substantial power availability up to 5MVA.
The development of Frontier Park by the venture follows on from the successful completion and letting of 1.5 million ft2 over the past 15 months in the East Midlands, West Midlands and Yorkshire.
Construction is expected to begin on site over the summer with practical completion due in Spring 2023.
Spencer Corkin, Director at AEW, says: “Frontier has a strong track record of delivering market leading developments, and we are pleased to work with them on this project. Milton Keynes is a key prime logistics and distribution location with excellent transportation infrastructure and access to high-value markets across the UK and Europe. This project strategically broadens and diversifies our geographical footprint, providing exposure to a highly supply constrained environment with significant occupier demand.”
AEW has appointed DTRE and Savills as joint letting agents. TT&G and Mishcon de Reya acted for AEW on the acquisition. DTRE, Sandstone Law and Memory Crystal acted for Frontier Estates.