Griffen Development has commenced speculative construction of the final two warehouse units at its 59 acre distribution park, WDP40, in Wellesbourne, Warwickshire.
The speculative development of Units 4 and 5, comprising 51,500 sq ft and 66,500 sq ft respectively, represents the final phase of development at the park. The high specification units will be in keeping with historically very high standard to which Griffin has become recognised for. The buildings will both achieve a BREAAM excellent rating and are expected to PC in the fourth quarter of this year.
Griffen has also commenced a significant upgrade to the site-wide infrastructure and master planning at the estate, including improvements to the roads, walkways, lighting, security, landscaping and access.
Earlier this year Griffen agreed a 133,000 sq ft Grade-A warehouse letting at the park to a luxury British sports car manufacturer. This was followed by a pre-let deal with Amethyst Group for a 210,000 sq ft unit. The unit achieved practical completion in June and Amethyst has commenced with fit out works ahead of its planned occupation.
Griffen acquired Wellesbourne in February 2015, committing to an ambitious 450,000 sq ft development programme, taking the floor area to over 1 million sq ft of fully institutional logistics space. The existing units on the park are currently 100 per cent let and active asset management has seen a strong increase in the rentals achieved, evident in recent lease re-gears secured with Aston Martin and Kathrein.
Rui Nobre, chief executive at Griffen, said: “The demand we are seeing from a range of occupiers for Grade-A space remains strong, providing us with confidence as we begin the final phase of the development.
“The rapid growth in e-commerce activity by major retailers and other businesses looks set to continue into the medium term, creating a supply demand tension for well-located good quality space of the type we specialise in. At Griffen we have built a successful team across both investment and development disciplines, one that is well positioned to be a beneficiary of the changing landscape, and we look to the future with confidence.”