Griffen has started a 118,000 sq ft speculative shed development at its 59-acre Wellesbourne Distribution Park in Warwickshire.
The scheme represents the final stage of a 450,000 sq ft development project, bringing the total amount of logistics space to more than 1m sq ft. Existing units are already full let to tenants including Aston Martin Lagonda, CEVA Logistics and Jaguar Land Rover.
Griffen Development, on behalf of Griffin UK Property Investments, has commenced construction of the final two warehouse units, comprising 51,500 sq ft and 66,500 sq ft.
Griffen acquired Wellesbourne for £43.6m in February 2015 from a joint venture between Barwood Capital, Barwood Developments and investors advised by JP Morgan Asset Management.
Situated off J15 of the M40, close to Warwick, Griffen said the site offers access to 90% of the UK’s population within a five-hour HGV drive time.
Griffen chief executive Rui Nobre said: “The development programme at Wellesbourne has delivered an enviable occupier profile, which has benefitted from our successful asset management initiatives, at what is now one of the West Midlands’ premier industrial and logistics parks. 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.”
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