European developer strikes out with first UK development
European industrial real estate developer VGP has appointed contractor Glencar to build out an 835,000 ft2 multi-unit warehouse scheme on a site in the East Midlands that it acquired earlier this year for circa. £20 million.
By Liza Helps, Property Editor, Logistics Matters
THE SITE known as VGP East Midlands just off Junction 24 a of the M1 motorway near Nottingham, was bought from developer Newlands. It will be VGP’s first UK industrial development. In its half year results published in August this year, VGP valued the development land at approx. £20.2 million (Euros 24,277,000).
Newlands will act as the development manager for the 43.49 acre site which will see the construction of two units known as Unit 3 and Unit 4 within Phase One, measuring 256,258 ft2 and 141,000 ft2 respectively. Both units will include integrated office space and will be built to target BREEAM Excellent and an EPC A rating.
Unit 3 will have 243,000 ft2 of warehouse space with 15m eaves as well as 24 dock and two level access doors served by a 55m yard with 48 HGV parking spaces. It will have 13,000 ft2 of integrated two storey office space. Unit 4 will have 134,250 ft2 of warehouse space with 15m eaves as well as 13 dock and two level access doors served by a 40m yard with 31 HGV parking spaces. It will have 6,750 ft2 of office space.
In addition to the vertical construction, the works will comprise full site-wide earthworks and the formation of plateaus to enable future development of Units 1 and 2 (95,000 ft2 and 342,258 ft2 respectively) as part of a later phase. Practical completion of the first two units is expected in August 2026.
Joint agents are JLL, Apex Real Estate and Lambert Smith Hampton.
VGP was founded in 1998 as a family-owned Belgian property developer in the Czech Republic and says it operates in 18 European countries.
