Warehouse REIT recruits Panattoni for 2m sq ft logistics hub
The last-mile industrial warehouse investor aims to open its first warehouses at Radway 16 near Crewe by the end of 2023.
Warehouse REIT acquired the 102-acre site at Radway Green in 2017. The plot was formerly owned by BAE Systems and was used to manufacture ammunition.
Panattoni has been tasked with delivering Warehouse REIT’s vision for nearly 2m sq ft of logistics space to be known as Radway 16.
The investor has also secured planning permission for the first phase of the project – a 803,000 sq ft warehouse comprising six units. Construction is set to begin on this phase towards the end of this year.
A second application, for 1m sq ft of space, is awaiting planning approval.
With sustainability concerns in mind, all the units are set to have a minimum EPC rating of A and be ranked as BREEAM Very Good. The project also includes sustainable drainage ponds and one kilometre of tree planting.
Warehouse REIT is managed by London-based Tilstone Partners.
Tilstone chief executive Andrew Bird said the partnership with Panattoni was “another significant milestone for Warehouse REIT as we accelerate our ‘lazy acres’ strategy, at what has the potential to be the premier logistics hub in the North West.”
Bird continued: “Working alongside a like-minded and globally renowned partner in Panattoni significantly de-risks the scheme and allows us to leverage its global logistics development expertise, enabling Warehouse REIT to benefit from Panattoni’s strong occupier and contractor relationships.”
Dan Burn, Panattoni’s development director for the North West and Yorkshire, expressed his excitement to be working with Warehouse REIT.
“We are delighted to be bringing forward this strategic and important logistics site alongside Warehouse REIT to help meet the demand in the market,” Burn said. “We look forward to delivering the first phase of units creating new opportunities in the market for our global clients”.
Burn was one of the speakers at Place North West’s Industrial + Logistics event, where he weighed in on the state of the market in the region and how Panattoni was handling the rise in construction costs as well as pushes for sustainability.