Construction has completed at a highly sustainable last-mile logistics facility in Hampshire, creating hundreds of local jobs.
The 164,162 sq ft site at New Lane, Havant, was developed by commercial property developer Kingsbridge Estates and Bridges Fund Management, a specialist sustainable and impact investor.
Construction works carried out by the contractor TSL Limited have now completed ready for the site to become operational, triggering the completion of a pre-lease arrangement and the sale of the facility.
The facility has been built to BREEAM “Excellent” standard and incorporates a number of sustainable features, including intelligent low energy LED lighting, measures to reduce U-values (which measure heat loss), energy-efficient air source heat pumps, photovoltaic panels on the warehouse roof, and a four-storey van park with electric vehicle charging capability.
It is expected to create hundreds of new employment opportunities in the local area, including positions for warehouse staff and delivery drivers.
Kingsbridge Estates and Bridges Fund Management entered into a funding agreement with LCN Capital Partners for the project, which is let on a 15-year full repairing and insuring lease. The transaction was for a maximum commitment of £91m.
Chris Fry, Chief Executive of Kingsbridge Estates, said: “We are proud to have completed this scheme which brings a key Havant employment site back into use, creating a highly sustainable logistics facility which will secure employment opportunities for local people for many years to come.
“We are delighted to have worked in partnership with LCN to bring the scheme to fruition in line with our commitment to meet demand for high quality industrial and logistics space in the South.”
Henry Pepper, Partner at Bridges Fund Management, said: “We are delighted to have delivered this state-of-the-art last-mile logistics scheme. It is highly sustainable – targeting BREEAM Excellent and EPC A – while also creating a large number of new jobs for the local community.
“Securing this pre-let is a good illustration of the growing demand from global occupiers for high-quality industrial buildings that can help them achieve their own sustainability goals.”
Ward Stocker, Managing Director, LCN Capital Partners, said: “Working with Kingsbridge, Bridges and this exceptional tenant in these challenging times has gone very well. We were pleased to be funding the next generation of last mile logistics, which demonstrates our commitment to delivering best-in-class solutions while meeting our environmental responsibilities. This investment serves as a testament to our dedication to sustainable and innovative real estate solutions.”
Kimmre & Freeths LLP advised Kingsbridge and Bridges. Gerald Eve and BCLP advised LCN Capital Partners.