Trebor Developments and Schroders Capital UK Real Estate Fund (SCREF) have started work at Revolution Park, Wolverhampton, on a 60,000 sq ft build to suit parcel hub for DPD following the appointment of A&H Construction as main contractor.
The site totals 10.5 acres and the state-of-the-art low site cover parcel hub will be built to BREEAM “Excellent” standards and will be net zero carbon in both construction and operation. In order to achieve BREEAM “Excellent” and an EPC A+ rating, various sustainable initiatives have been incorporated including on site renewable energy, EV charging, thermal insulation and high-performance glazing, sustainable lighting technology, reduced water flow rates, health and wellbeing commitments, and biodiversity initiatives.
One of SCREF’s strategic priorities is to grow income through initiatives including developing industrial assets on existing sites and maintaining the portfolio’s defensive qualities through active asset management. New investment, which includes the works at Revolution Park, has focused on targeting higher sustainable yields, achieving rents ahead of ERVs, and capitalising on opportunities driven by structural change, such as demographic change and the growth of new technology, as well as the growing demand for assets with high sustainability credentials.
Revolution Park was recently awarded Deal of the Year in the 50-100,000 sq ft category at the National Industrial Agents Society awards. The scheme continues to be jointly marketed by Gerald Eve LLP and Bulleys on behalf of Trebor and SCREF. SBH acted on behalf of DPD.
Greg Dalton, Development Director for Trebor, commented:
“We’re delighted to achieve this next critical milestone and excited to be starting on site. Working with Schroders Capital UK Real Estate Fund as Development Partner, we have been working closely with DPD to ensure the unit is delivered on cost and programme whilst being designed to suit their exact requirement. The unit is on programme to be ready for immediate operation next summer.”
Rob Cosslett, Fund Manager at Schroders Capital, added: “To cater for the growing demand for high-quality, ESG-led industrial space we are continuing to develop and refurbish our existing industrial assets across the UK.
Major pre-lets such as the lease with DPD at Wolverhampton de-risks the development of new industrial assets and follows a similar pre-let we completed with ETAC for a purpose-built 30,000 sq ft distribution facility at Hartlebury Trading Estate in Worcestershire. Thanks to our industrial team’s active asset management and close relationships with occupiers, the fund has identified opportunities across our portfolio where we can develop new assets and provide more space for new and existing tenants, and we look forward to seeing the completed DPD unit at Revolution Park.”
