The Board of Directors of Tritax Big Box REIT plc (LON: BBOX) announced that outline planning consent has been obtained for up to 2.31 million sq ft of high-quality logistics space at Symmetry Park, Kettering. This represents the second new development from the db Symmetry strategic land portfolio acquired by the Company in February this year.
This development site extends to a total of 136 acres and is one of the few sites in the East Midlands that can accommodate a single logistics asset in excess of one million sq ft. The site has excellent road connectivity, located directly alongside the A14 “Trans-European” freight route. It will also deliver the first phase of the Isham bypass, which will see the joining and dualling of the A509 from Junction 9 of the A14 to the site entrance, helping the area to become an increasingly important UK distribution location.
The area benefits from an appropriately skilled and flexible labour supply within close proximity and this new logistics park will be a major contributor towards Kettering’s planned economic growth with the potential to create up to 2,800 jobs.
The Company currently holds this land under option and will now begin committing the initial capital, to be drawn down in phases, in order to ready the site for promotion on a pre-let development basis.
Once fully developed, the site has the potential to deliver a return on acquisition cost within the Company’s target range of 7% to 8%.
Colin Godfrey, Partner of Tritax, commented:
“We are pleased to have secured outline planning consent for this significant, well-located logistics development scheme at Symmetry Park, Kettering. This represents the second planning success from the db Symmetry portfolio acquired by the Company in February 2019, following on from the 660,000 st ft detailed planning consent secured on behalf of The Co-op Food Group at Biggleswade.
We have already commenced work on the planning application for the associated infrastructure and first phase of development and we look forward to continuing to engage with the local community as our proposals progress.
This new logistics park has the potential to provide an attractive yield on cost within our target range and, once fully developed, will bring significant employment opportunities and strengthen further the area’s economic growth.”