Specialist logistics developer Padrock has acquired a 17-acre site in Elstree, Borehamwood, with outline consent to build a 245,000 sq ft urban multi-let industrial (MLI) and logistics development.
Located off Watford Road and adjacent to Centennial Park, the proposed development will comprise 13 units ranging from 10,500 sq ft to 130,000 sq ft, all of which will target EPC A+ and BREEAM Outstanding ratings.
Once complete, the scheme will have a gross development value of around £120m. The vendor and all values relating to the transaction are undisclosed.
The site is adjacent to the A1, three miles from the M1 and six miles from the M25, providing strong connectivity to central London and the national road network.
In addition to targeting best-in-class sustainability credentials, the development will also be designed to align with EU Taxonomy requirements, targeting Article 9 objectives.
A reserved matters application is expected to be submitted this month, with construction anticipated to commence in autumn of this year. Practical completion for the development is expected in late 2027.
Headquartered in London, Padrock is a developer and asset manager which specialises in logistics and light-industrial assets across the UK and Europe.
The company has around 1m sq ft of urban MLI logistics space across its UK portfolio, with a combined gross development value of £500m.
Padrock’s UK portfolio currently comprises Dagenham Logistics Hub and Leyton Logistics Hub in east London, Erith Logistics Hub in Erith, south east London, and Hertford Logistics Hub in Hertford.
Padrock partner, Mark Symonds, at Padrock, said: “This acquisition marks another step forward in our strategy to expand within London’s multi-let industrial market and become a leading provider of high-quality, flexible space in key urban locations.
“Elstree is strategic location, close to central London and major transport routes, making it attractive to logistics, trade and light industrial businesses seeking efficient access across the capital.”
“Our development will deliver a multi-unit scheme which will meet the requirements of modern-day occupiers, through providing high specification, sustainable accommodation.
Padrock was advised on the acquisition by M1 Agency, Lambert Smith Hampton and Simmons & Simmons. The vendor was advised by JLL.
