Port logistics developments funded 

By Liza Helps Property Editor Logistics Matters

THE TWO logistics schemes totaling 855,000 ft2 will see a scheme of 11 mid-box units ranging in size from 11,000 to 70,500 ft2 developed in Colchester and a 495,000 ft2 cross dock unit developed on the 22-acre Ark Royal site in Birkenhead.

Both sites benefit from detailed planning consent. Mclaren Construction has been appointed as the contractor for the Colchester scheme and the Fund expects to announce the appointment of a contractor for Birkenhead imminently.

The schemes will be built to Net Zero Carbon in construction and targeting BREEAM Excellent accreditations.

Tungsten will act as EPISO 5’s operating partner and development/asset manager. 

Tristan Capital Partners Managing Director Nicho Jenkins, said: “The land price coupled with the underlying occupational dynamics and the opportunity to work with a best in class development partner makes developing these schemes an attractive proposition for the Fund. We continue to see strong occupier demand for the highest quality logistics assets, with exceptional ESG credentials, across our portfolio. It follows that these projects reflect a continuation of our strategy to create value for our investors by developing such assets”.

Tungsten secured planning for the Ark Royal site in Birkebhead with Peel L&P last year. 

The proposed facility comprised 465,000 sq ft of industrial space and around 30,000 sq ft of ancillary office accommodation. According to consultant Pegasus Planning  the additional GVA attributable to the site once operational and fully occupied was estimated at £22.9 million per year.

Savills and Harwin are joint agents for Colchester, Colliers and Moriarty & Co have been appointed at Birkenhead.

TT&G and Atlas Real Estate provided EPISO 5 with commercial advice, whilst CMS provided legal advice. Forsters was Tungsten's legal adviser.