Construction begins on Phase Two of Maidstone’s LOC8 Commercial Park
Clearbell Property Partners III LP (Clearbell), a fund managed by private equity real estate fund management and advisory business Clearbell Capital LLP, has begun ground works on the second phase of its LOC8 development, a multi let industrial estate in Maidstone.
Strategically located at Junction 8 of the M20, LOC8 represents a significant £47million investment into the local area and has the potential to generate up to 1,200 new jobs. Phase two will realise the site’s full potential and see 185,200 sq ft of space developed across seven units, with completion targeted for Q3 2024.
The development’s first phase was completed in May 2023 and comprised 245,000 sq ft of light industrial and logistics space across 11 units, ranging in size from 5,000 to 60,000 sq ft. Currently, just one unit remains available to let with occupiers including Zehnder, Hitachi Construction, UK Greentech (Part of Edmundson Electrical Ltd) and AT&T all having taken up occupancy at the site already.
LOC8, comprised of prime commercial and logistics spaces, sits in the heart of Kent, immediately adjacent to Junction 8 of the M20 providing links to the key trade hubs of the Thames and Channel Ports and Eurotunnel as well as access to the South East’s large, skilled labour pool.
Toby Saul, Associate Director at Clearbell Capital said:
“There is an evident need for quality commercial and logistics space in the South East with significant shortages hampering businesses and stifling growth. As a key economic hub with significant, long-term growth potential, it’s important that developers continue to focus on delivering high quality commercial and logistics space for the region. LOC8 does just this, providing an ideal location for businesses and industry to attract the right talent and access global markets.
“The start of the next phase of works marks an exciting milestone towards completing a project that we set out to deliver when initial works started in 2022 and will support us in our vision to provide more opportunities and returns for our investors and jobs for the local economy.”
LOC8’s second phase will be developed to a high sustainability specification, with extensive solar panels and EV charging points throughout. The buildings are targeting a BREEAM “Excellent” 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 also been created as part of wider efforts to reduce car usage.
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. Clearbell was advised by CBRE and Caxtons.