DPD is taking a 60,000ft2 build-to-suit warehouse at Trebor Developments and Schroders Capital’s Schroder UK Real Estate Fund’s Revolution Park Wolverhampton in the West Midlands.
The deal, subject to planning, will see the development of a state-of-the-art unit built to BREEAM ‘Excellent’ standards that will be both net-zero carbon in construction and operation.
Revolution Park was launched in Q4 2021 once detailed planning consent for a four-unit industrial development was secured. However, following a short period of marketing to occupiers on a build-to-suit basis the proposed DPD unit will now take the majority of the 10.5-acre site.
“The new facility is part of DPD’s strategy to be the most responsible and sustainable city centre delivery company and a leader in the move to electric deliver vehicles in the UK,” said Louise Ferguson, Head of Property for DPDgroup UK. “We have invested heavily in our regional network in the past 10 years to meet the huge increase in demand for our services.”
“To cater for the growing demand for industrial space we are continuing to develop and refurbish our existing industrial assets across the UK,” added Jessica Berney, Fund Manager of Schroders Capital UK Real Estate Fund. “This allows us to increase our exposure to the sector without having to pay high prices for new assets in a very competitive market.
“Major pre-lets such as the lease with DPD at Wolverhampton de-risks the development of new industrial assets and follows a similar pre-let we completed with ETAC for a purpose-built 30,000ft2 distribution facility at Hartlebury Trading Estate.”
A planning application was submitted in March and construction is programmed to start this summer.
Revolution Park is being jointly marketed by Gerald Eve LLP and Bulleys on behalf of Trebor and Schroders Capital. SBH acted on behalf of DPD.