Location 3 Properties has secured a £24m forward funding deal with Federated Hermes, for its 132,000 sq ft trade and logistics park in Rochester.
The 7.5-acre site, on the 2m sq ft Medway City Industrial Estate, was originally acquired for a retail park development. This was repurposed to logistics as market conditions shifted.
The M2 CityLink industrial and trade counter scheme has already been prelet to builders merchant Selco, which will take up a 30,000 sq ft anchor unit on a 15-year lease.
A further 102,425 sq ft across up to seven buildings will be developed for occupation in summer 2021. Works are expected to start on site this month.
Tom Paton-Smith, a partner at Montagu Evans, which advised L3P on the funding deal, said: “Although it was originally acquired as an out-of-town retail scheme, the decision to repurpose it as a trade counter and logistics park responds very effectively to changing market conditions.
“The plans came together rapidly and attracted this high-quality funding partner as a result.”
TT&G acted for Federated Hermes.
Montagu Evans is also the letting agent for the park, alongside Altus Group and Caxtons Commercial.
To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette
