Maidstone’s LOC8 business park sees surge in letting activity from multinational operators
Clearbell Property Partners III LP (Clearbell), a fund managed by private equity real estate fund management and advisory business Clearbell Capital LLP, has successfully let almost three quarters (76%) of the first phase of its LOC8 development, a mixed-use business park in Maidstone.
LOC8 is strategically located at Junction 8 of the M20 in Maidstone, and the first phase of its development into a business park reached practical completion in May 2023. It comprises 245,000 sq ft of space across 11 new warehouse units, ranging from 5,000 to 60,000 sq ft.
Three quarters of its Phase 1 units have been let to a variety of occupiers, including Hitachi Construction Machinery UK Ltd, UK Greentech (Part of Edmundson Electrical Ltd) and Zehnder. Unit B4 is the last remaining unit, comprising over 58,800 sq ft, which is ready for immediate occupation. It boasts a Grade A specification, including two level access doors and three dock level doors.
The second phase of the project will see a further 200,000 sq ft developed with completion targeted for summer 2024.
LOC8 has been developed to a high sustainability specification, with extensive solar panels and EV charging points for throughout. The buildings have achieved a BREEAM “Very Good” rating and EPC A & A+. The site also provides for a biodiversity net gain of 10% with 12 acres of new wildlife habitat, including nearly 12,000 new trees and four wildlife ponds. A new electric bus service to Maidstone town centre and cycle lane have been created as part of wider efforts to reduce car usage.
Rob West, Managing Partner at Clearbell, said:
“We continue to respond to business’ needs by developing logistics and industrial sites that are at the vanguard of sustainability. LOC8 was designed to be highly energy efficient with the goal of helping businesses to future proof, and we are seeing strong occupational demand as a result. At the same time, we have taken steps to improve transport links to the site, which will closely connect occupiers to the UK and global markets. Phase 2 will only build further on this ambition.”
With excellent road and public transport links, mean LOC8 is well placed to service Europe’s largest consumer market, London and the South East, with nearly 21 million consumers within three hours’ HGV drive time.
Clearbell purchased the site in 2019 as part of its existing portfolio of multi-let industrial developments, to meet increasing demand for industrial and logistics assets, including from multinational corporations, manufacturers and logistics operators.