Padrock has acquired a 10-acre site in Waltham Cross, Hertfordshire, to speculatively build a 205,000ft² Grade A urban multi-let industrial (MLI) and logistics development.
The developer has submitted plans to Broxbourne Borough Council to deliver 13 units on the Lieutenant Ellis Way site, ranging from 6,500ft² to 28,500ft².
All units will target EPC ‘A+’ and BREEAM ‘Outstanding’ ratings and will be available on a leasehold basis.
Once complete, the development will have a gross development value of around £110m. The land was acquired from a private investor and all values relating to the transaction are undisclosed.
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.
Subject to planning, construction is expected to commence at the end of the first quarter of 2027, with practical completion anticipated in the first quarter of 2028.
Padrock founding partner, Mark Symonds, said: “Our plans will deliver much-needed, high-quality new employment space in a location where the supply of modern industrial accommodation has not kept pace with the calibre of investment around it.
“The scheme has been designed to accommodate a broad spectrum of occupiers, with a range of unit sizes delivered to an institutional specification and supported by best-in-class sustainability credentials.
“Our ambition at Waltham Cross, as it is across our portfolio, is to create a highly sustainable and well-connected environment in which businesses can grow, employ local people and achieve their commercial objectives.
“We now look forward to progressing our proposals with Broxbourne Borough Council.”
