Tritax Big Box provides update on London development Land at Littlebrook.
Global Banking News-November 26, 2018-Tritax Big Box provides update on London development Land at Littlebrook
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Real estate investment trust Tritax Big Box REIT plc (AIM:BBOX) disclosed on Monday that its board of directors provided an update on progress of the company's 114 acres of development land in London at Littlebrook, Dartford, acquired in July 2017.
The company invests in large logistics warehouse assets (Big Boxes) in the UK.
Tritax Big Box stated that it secured planning permission from Dartford Borough Council for the proposed development of a 450,240 sq ft cross-docked logistics facility with a clear internal height of 21 metres. This development will be on 28.6 acres of Phase 1 land and this planning permission consolidates planning consents from other parts of the site as well.
Further, after the recently started formal marketing campaign, the company has received inquiries and the Phase 1 planning consent is expected to heighten interest further. It is targeting a yield on cost on Phase 1 of over 6.5%.
The Littlebrook site is a large big box logistics park in London, in a core location on the edge of London and inside the M25 orbital motorway. It has good road and port connectivity and can support the potential development of an estimated 1.7m sq ft of logistics distribution buildings, including many big box logistics facilities together with some smaller urban logistics facilities. By developing buildings on a pre-let basis only on this site, it expects to add new quality investments to its portfolio in the coming years with an attractive yield on cost, minimising risk at the same time.
Demolition of both Phases 1 and 2 that total about 54 acres was completed on time and on budget, the company said. It added that it has ensured that much of the demolished material is recycled and till date, a recycling level of over 98% has been achieved across the site.
Finally, the company mentioned that the demolition of Phase 3 that includes the main power station and its associated infrastructure, is continuing and is expected to be complete in early 2020. Besides, discussions are now ongoing with Dartford Borough Council for a separate application for outline planning consent on the remaining part of the site.
((Distributed via M2 Communications - http://www.m2.com))