Real Estate lawyers at Irwin Mitchell have advised owner/developer Landlink Estates on the completion of the £18.6 million forward funding sale of the first phase of Saltbox Business Park to Knight Frank Investors.
Saltbox Business Park is an industrial/ retail/logistics/warehouse park in Bognor Regis, West Sussex situated in 17 acres of land. The first phase of the scheme included 3 plots in which the owner achieved planning consent for B1 (C), B2 and B8 to deliver a range of trade, industrial, retail and warehouse units from 2,500 to 150,000 sq. ft.
Phase 1 of the Business Park is now fully operational and houses a state-of-the-art Warburtons distribution facility, as well as a new Aldi food store and Starbucks and Greggs drive thrus, all of which are anticipated to open in Q3 2021.
The site benefits from proximity to Gatwick Airport and the international commercial and ferry ports at Southampton and Portsmouth, and quick road access to the M27. It falls within Enterprise Bognor Regis, a 70-hectare commercial and employment development opportunity located on the northern edge of Bognor Regis in West Sussex which has the potential to accommodate 150 businesses and provide 4,000 jobs.
Landlink Estates Ltd is an independent, privately owned property development company based in West Sussex managing over 6,500 acres of land and property. It is part of the Langmead Group, a family-owned business with a long-established portfolio of fresh food, farming, and property businesses.
Paul Hanson, CEO of LandLink Estates said, “We have recently expanded our management team and are planning to step up our work across both the commercial development and strategic land sectors. . This deal with Knight Frank Investors is our first step into the institutional market and we are looking for further opportunities to add value to our extensive land and property assets going forward.”
Landlink Estates was advised by Will Marsh of Marsh & Baxter and CBRE, and law firm Irwin Mitchell, led by real estate partner Guy Sackett.
Guy Sackett said, “It’s been exciting to advise Landlink Estates on its first foray into the institutional market and to help them deliver a great result in what remains a challenging market for commercial development. This area of West Sussex, with its good transport links, has been growing in popularity and our client has been able to take advantage in the growth in demand for quality warehousing and logistics facilities to secure a good sale. We hope to continue working with Landlink Estates as they explore further opportunities to unlock value from their land and property assets in the region.”
