Specialist logistics developer Padrock has acquired a 10-acre site in Waltham Cross, Hertfordshire, to speculatively build a 205,000 sq ft Grade A urban multi-let industrial (MLI) and logistics development.
The developer has submitted plans to Broxbourne Borough Council to deliver 13 units on the Lieutenant Ellis Way site, ranging from 6,500 sq ft to 28,500 sq ft.
All units will target EPC A+ and BREEAM Outstanding ratings and will be available on a leasehold basis.
Once complete, the development will have a gross development value of around £110m. The land was acquired from a private investor and all values relating to the transaction are undisclosed.
The site is adjacent to the A10 and less than a mile from junction 25 of the M25, providing excellent connectivity to central London and the national road network. Neighbouring occupiers include Google, which opened its Waltham Cross data centre last September.
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.
Subject to planning, construction is expected to commence at the end of the first quarter of 2027, with practical completion anticipated in the first quarter of 2028.
The development is expected to create around 110 jobs during construction and support 295 permanent jobs once complete.
Padrock founding partner, Mark Symonds, said: “Our plans will deliver much-needed, high-quality new employment space in a location where the supply of modern industrial accommodation has not kept pace with the calibre of investment around it.
“The scheme has been designed to accommodate a broad spectrum of occupiers, with a range of unit sizes delivered to an institutional specification and supported by best-in-class sustainability credentials.
“Our ambition at Waltham Cross, as it is across our portfolio, is to create a highly sustainable and well-connected environment in which businesses can grow, employ local people and achieve their commercial objectives.
“We now look forward to progressing our proposals with Broxbourne Borough Council.”
Headquartered in London, Padrock’s portfolio currently comprises Dagenham Logistics Hub and Leyton Logistics Hub in east London; Erith Logistics Hub in south east London; and Hertford Logistics Hub in Hertford.
In June, the developer submitted plans for a £120m, 245,000 sq ft Grade A urban MLI and logistics development in Elstree, Hertfordshire.
Padrock was advised on the acquisition by M1 Agency and Simmons & Simmons.