Gazeley, in a joint venture with Standard Life Investments, has purchased 126 acres of Kemsley Fields Business Park, in Sittingbourne, Kent, for £20m.
The site, bought from Kemsley Fields Ltd, a consortium of private landowners, has outline permission for 1.8m sq ft of industrial and distribution space.
The partners want to commence the first phase of development early next year and will immediately seek reserved matters planning approval.
James Behrens, development director at Gazeley, said: “We are pleased to have successfully acquired this site which represents a rare opportunity to offer large footprint buildings close to the M25 but at a substantial rental discount.”
Stand Life Investments investment director Mark Watt said: “The acquisition of this site for our Unit Linked Life and Pooled Pension Funds fits well with out ‘Focus on Change’ Investment style.
“The site is part of the Thames Gateway initiative and major infrastructure improvements are already underway.”
Kemsley Fields has already sold 26 acres of residential land to George Wimpey and has constructed an £8m distributor road through the development, linking the site with the A249 and the M2.
The deal will enable it to extend the road to Ridham Dock.
The consortium has also sold 19 acres to building materials specialist Knarf, which wants to expand its operations in Sittingbourne.
The 15-acre remainder of the site will has been the target of offers with a view to developing a mixed-use scheme.
The joint venture was represented by Brown Harknett, while CPM Consulting acted for Kemsley Fields.
In drawing up the joint venture agreement, Savills represented Gazeley while Holley Blake acted for Standard Life.
Brown Harknett, GVA Grimley and Holley Blake are joint letting agents for the eventual scheme.
References: EGi News 16/08/05
