Having acquired the site in 2017, Radway has now become a prime logistics park serving the north west catchment. The site is in a highly attractive location, with 84% of the UK population within four hours' drive time and Manchester, Birmingham and Leeds all within 90 mins.

Key statistics

Potential area (sq ft)

1.8m

Gross development value

c£300.0m

Planning application

Nov 2021

Potential start date

Q4 2022

What is it?

We acquired Radway 16 in September 2017, as part of a £26.3 million, four-asset portfolio. On acquisition, the asset was a 25-acre, multi-let industrial estate. The site is in a highly attractive location, with 84% of the UK population within four hours’ drive time and Manchester, Birmingham and Leeds all within 90 minutes.

What have we done since purchase?

Since acquisition, we have assembled a significant development site and progressed planning for new warehouse space, which will help to meet the substantial occupier demand in this location and create significant value for shareholders.

Specifically, we have:

  • secured planning consent with an adjoining landowner for 803,000 sq ft of warehouse units, ranging from 22,000 to 340,000 sq ft;
  • acquired the adjoining landowner’s 16 acres, taking full ownership of the consented scheme;
  • exchanged contracts to acquire a further 60 acres of land zoned for employment, as well as a small additional plot that allows us to make more efficient use of the site; and
  • submitted a planning application for 1,020,000 sq ft of additional warehouse space on the 60 acres.

What is the future?

A successful planning application will trigger a potentially material uplift in the land value.  We are now seeking to manage the risk of developing the site through securing pre-lets or pre-sales and have entered into an agreement with Panattoni to accelerate development, with work starting on site in the last quarter of 2022. Developing new space gives us the opportunity to ensure high standards of sustainability performance, with targets of at least BREEAM Very Good and EPC A ratings for the new buildings.

Sustainability features

  • Targeting BREEAM ‘Very Good’ and EPC rating of ‘A’
  • Design features to improve efficiency: enhanced building fabric; intelligent external lighting; water efficient sanitaryware; and ground attenuation crates and interceptors

 

  • Renewable energy sources: PV on roof and air source heat pumps
  • Promotes sustainable transport: linked to local rail and bus routes; dedicated cycle paths and storage; and shared car travel plans
  • Biodiversity focus: Planting of native trees to assist local wildlife and improve amenity; bird and bat boxes
  • Electric vehicle charging points

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