Under Kier Property’s new joint venture with PGIM, it has purchased 8.9acres of developable land in Bognor Regis from Landlink Development 1 Limited for £13.35m to develop a Trade City and Logistics City scheme.
The land is situated on Saltbox Business Park and was purchased as three vacant plots. Kier plans to develop Phase II of the park, bringing forward the delivery of circa 200,000 sq ft of modern, high quality, industrial space across 11 units, ranging between 3,000 – 50,000 sq ft. The first phase, which was undertaken by the vendor, comprises a Warburtons distribution facility, Aldi store and Greggs and Starbucks drive-thrus.
This is the first site acquisition under the new joint venture, which was signed in December 2021 to develop brownfield and underutilised sites across the UK.
The site lies within the designated area of Enterprise Bognor Regis, which is a 70-hectare
commercial and employment development opportunity earmarked as the premier commercial development site in coastal West Sussex. It has access to the ports of Portsmouth and Southampton to the West and the Shoreham commercial port and town of Brighton to the East.
Leigh Thomas, managing director for Kier Property commented: “The acquisition of this site is an important milestone in kickstarting our new joint venture with PGIM and forms the primary part of our new strategic joint ventures in our core sectors of industrial, offices, and mixed-use residential and defines the next exciting chapter in our growth plans.
“The joint venture has an ambitious pipeline and are keen to consider more opportunities within the industrial sector, which has proven to be a highly resilient market, which looks set to continue.”
Kier and PGIM were advised by Lambert Smith Hampton throughout the acquisition.