Planning has been granted for a 200,000 sq ft, Grade A urban logistics development to be speculatively built on Blackhill Drive in Wolverton, Milton Keynes, which could create hundreds of jobs
A joint venture (JV) between property developer Chancerygate and global real assets investment management firm CBRE Investment Management (CBRE IM) will deliver the scheme.
Called Axis Park and located in the established Wolverton Mill employment area, the development will comprise eight units ranging from 6,100 sq ft to 67,700 sq ft.
Units on the 10.6-acre site are available on a leasehold basis. Construction work is expected to commence in November and it is anticipated that the first occupiers will move in during the third quarter of next year.
The site is located four miles north of Milton Keynes city centre and is in close proximity to the A5 and M1.
Neighbouring occupiers include engineering and logistics company CTDI, sports car brand Aston Martin, microelectronics business API Technologies and toy manufacturer Funrise International.
All properties at the development will target BREEAM Outstanding certification and an EPC A+ rating as a minimum. They will feature electric vehicle (EV) charging points along with solar cells which provide green energy on an affordable basis to occupiers.
Chancerygate senior development director, George Dickens, said: “We are very pleased to be able to bring forward Axis Park in partnership with CBRE IM as part of our joint venture to deliver much-needed sustainable urban logistics space throughout the UK.
“There is strong demand in Milton Keynes for high specification Grade A urban logistics accommodation strategically located in close proximity to the key transport links that serve the city and wider region.
“Our development will meet this demand and provide a thriving long term economic asset for the area which we estimate could create hundreds of jobs.”
Founded in 1995, Chancerygate is the UK’s largest urban logistics property developer and asset manager and the only one operating nationwide.
The company has around 1.41m sq ft of urban logistics space under construction or ready for development across 11 sites ranging from Edinburgh to Croydon.
Tom James, Head of UK Transactions at CBRE IM, commented: “This project represents a strategic investment into multi-let urban logistics in a high-demand, well-connected area, offering modern, sustainable space that aligns with our commitment to deliver long-term value creation for our investors. Axis Park will provide state-of-the-art facilities for local and regional businesses for whom there is limited new best in class space of this size in Milton Keynes.”
Agents for Axis Park are Cushman & Wakefield and Louch Shacklock.
For more information, visit their website.
