Specialist logistics developer Padrock has acquired a 17-acre site in Elstree, Borehamwood, with outline consent to build a 245,000ft² urban multi-let industrial (MLI) and logistics development.
Once complete, the scheme will have a gross development value of around £120m. The vendor and all values relating to the transaction are undisclosed.
Located off Watford Road and adjacent to Centennial Park, the proposed development will comprise 13 units ranging from 10,500ft² to 130,000ft², all of which will target EPC ‘A+’ and BREEAM ‘Outstanding’ ratings.
In addition to targeting best-in-class sustainability credentials, the development will also be designed to align with EU Taxonomy requirements, targeting Article 9 objectives.
A reserved matters application is expected to be submitted this month, with construction anticipated to commence in autumn of this year. Practical completion for the development is expected in late 2027.
Padrock partner, Mark Symonds, said: “This acquisition marks another step forward in our strategy to expand within London’s multi-let industrial market and become a leading provider of high-quality, flexible space in key urban locations.
“Elstree is strategic location, close to central London and major transport routes, making it attractive to logistics, trade and light industrial businesses seeking efficient access across the capital.
“Our development will deliver a multi-unit scheme which will meet the requirements of modern-day occupiers, through providing high specification, sustainable accommodation.”
