Clearbell pre-lets 85,000 sq ft at LOC8 Business Park, Maidstone
Clearbell Property Partners III LP (Clearbell), a fund managed by Clearbell Capital LLP, today announces two pre-let agreements at its new mixed-use business park, LOC8, in Maidstone, Kent.
The fund has agreed a lease for 40,000 sq ft with Va-q-tec, a pioneer of advanced solutions and services for thermal energy efficiency and temperature-controlled supply chains. The fund has also let 45,000 sq ft to Zehnder, a ventilation manufacturer, on a 10-year lease with a 5-year break.
Clearbell purchased the site in June 2019 as part of its existing portfolio of multi-let industrial (MLI) developments, to meet increasing demand for industrial and logistics assets in the supply-constrained market. This development follows the success of the new build warehouse site at Thatcham Park, Berkshire, which was sold to NFU Mutual Insurance Society Limited (NFUM) for £24.95m last year.
LOC8 is located just off Junction 8 of the M20, within easy reach of London and the South East. The Phase 1 development works began at the site in March and are due to complete in August 2022, when tenants will move in. Once complete, the whole site will provide 340,000 sq ft of mixed-use warehouse and logistics space for local businesses, with warehouse unit sizes ranging from 5,000 to 100,000 sq ft. There is also consent for 52,000 sq ft of Grade A office space.
The park is being developed to the highest sustainability specifications, including features such as solar panels and EV charging points for both cars and commercial vehicles. The buildings will achieve a BREEAM Very Good rating and EPC A. Clearbell also prioritised sustainability at its Thatcham Park asset, by including dedicated parking featuring electric vehicle charging points and solar panels.
“With well-located logistics and manufacturing sites in high demand, rent is increasing and leading some tenants to consider alternative locations. We are now seeing occupiers moving away from the M25 due to the price hikes and seeking value for money elsewhere. LOC8 is one of the only newly-constructed warehouse schemes available provide the variety of size ranges for tenants, and the only one which directly adjoins to a major motorway. We are aiming to provide Grade-A space with the highest sustainability credentials for businesses to plan their long-term futures.”
Clearbell was advised by CBRE and Caxtons.