Panattoni has beaten off stiff competition to acquire a prime 30 acre site in Slough for the development of a 360,000 sq ft industrial led scheme.
The developer has bought unconditionally the former ICI paintworks site in Wexham Road from AkzoNobel for an undisclosed sum.
Panattoni plans to speculatively build a number of high quality industrial and logistics units in a range of sizes and is open to interest from build to suit occupiers while it is going through the planning process.
The site is located two miles east of the Slough Trading Estate, home to several blue-chip occupiers including Mars, Telefonica O2, Ferrari, UK Mail, Lanes Group and UCB.
Tony Watkins, Panattoni’s Development Director, commented: “Slough is going through a significant period of growth and there is an acute lack of space for commercial occupiers. There is now very limited opportunity for expansion in the Slough Trading Estate and we have already been approached by a number of parties looking to move”.
This deal is the latest in a number of significant transactions completed by Panattoni in the south of England over the last few months, these include acquisitions in Luton, Borehamwood, Basildon, Swindon and Reading.
Matthew Byrom added: “The market fundamentals of our sector and the region mean we have a continued appetite for further development opportunities in the UK and we look forward to making a number of further announcements shortly”.