EXCLUSIVE: Panattoni seeks reserved matters planning for Nottinghamshire warehouse
Developer Panattoni has submitted reserved matters planning for a circa.462,000 ft2 + BREEAM Outstanding warehouse on the former DHL campus site at Worksop in Nottinghamshire which is developing on behalf of a Singaporean REIT.
By Liza Helps, Property Editor, Logistics Matters
THE PROPOSALS for the 21.56 acre plot submitted to Bassetlaw Council envisage the construction of a 461,997.8 ft2 facility targeting BREEAM ‘Outstanding’, EPC ‘A’ ratings, and achieving net zero carbon in construction. The development will also incorporate a range of ESG features, including PV solar systems, EV charging, rainwater harvesting, and energy-efficient lighting.
Known as Worksop 460 the facility will have 441,699 ft2 of warehouse space with 18m eaves and 35 dock, eight euro dock and four level access doors served by a 55m yard with parking for 60 HGVs. In addition, it will have a 5,057 ft2 two storey transport hub, a 14,943 ft2 three storey office block and separate 301 ft2 gatehouse. Construction of the unit is scheduled to begin in H1 2026 subject to planning approval, with completion targeted for H1 2027.
Panattoni will be developing the site on behalf of Singaporean real estate company CapitaLand Ascendas REIT which acquired the site last year from DHL along with a further site in Towcester which has planning for three individual logistics units. Both the Worksop and Towcester site will be brought forward by Panattoni.
This is the Singaporean REIT’s first foray into large-scale logistics development in the UK and will see the REIT develop out 1.46 million ft2 of logistics space on the sites in Worksop and Towcester in four buildings.
The total investment cost for all four buildings is estimated to be approximately £203.5 million, which includes approximately £11 million for the plot of land at Worksop, and £45.4 million for the 79.26 acre plot of land at Towcester, with additional development costs and other transaction-related fees and expenses.
The valuation of the plot of land at Worsop on which the aforesaid single logistics property of circa. 462,000 ft2 will be developed, is £13.3 million, while the valuation of the plot of land at Towcester, on which three logistics properties will be developed, is £47.6 million. The development management fees payable to the Manager are estimated to be £5.5 million.
At the time of the acquisition of the sites in August last year CapitaLand Ascendas REIT Management Chief Executive Officer, William Tay said: “Embarking on our inaugural logistics developments in the UK marks a significant step forward in our strategy to scale up CLAR’s UK logistics portfolio.
“With positive structural drivers such as e-commerce and onshoring anticipated to sustain demand, these four new properties are set to boost the asset value of CLAR’s UK logistics portfolio by 43.5% to approximately S$1.2 billion.
“Adding these best-in-class and green-certified logistics properties enhances CLAR’s logistics portfolio in the East Midlands, a key market in the UK’s logistics heartlands, and capitalise on occupiers’ demand for high-quality and well-located space.”
Letting agent for Worksop 460 is Knight Frank.
