The only big shed in the south

By Liza Helps Property Editor Logistics Matters

THE PROPERTY, known as G-Park Basingstoke totals 208,254 ft2 and reached practical completion in June this year having secured backing  from GLP in February 2023 at a time when many developers were pulling  or pausing speculative development starts when borrowing costs  spiked following Truss’ mini budget in September 2022.

During 2023 speculative development starts halved to 10 million ft2 from a peak of 23.6 million ft2 in 2022 according to property consultancy Lambert Smith Hampton, with construction starts falling to a four year low in Q4.

Given 2023’s slowdown in activity, the volume of speculative space due to be delivered to the market this year is low. Latest industrial and logistics research from BNP Paribas Real Estate  notes that the construction pipeline remained stagnated in the first half of 2024 with around 16.3m sq ft of privately funded industrial units over 100,000 sq ft being speculatively developed and expected to complete in H2 2024.

“Many of these deliveries are concentrated in the Midlands, c. 6m sq ft, where logistics demand is strongest. However, the South East is particularly constrained with only four projects due to complete this year.”

G-Park Basingstoke was originally brought forward through planning by developer Wrenbridge and Bridges Fund Management, who acquired the 10-acre site in 2021 after it was vacated by American pharmaceutical giant Eli Lilly.

Logistics Matters property editor Liza Helps took a tour round the property a few weeks ago, which stands square in its site just off the A339 Basingstoke Ringway North with dual carriageway access to Junction 6 of the M3 motorway.

Entering the site via the 162 space employee car park, the darkly clad building does not overwhelm despite encompassing a 15m  clear height. It is nicely landscaped, with a belt of mature trees separating it from nearby residential areas, the full splendour of which are shown off to the best degree from within well appointed offices – taking up much of the floor to ceiling view.

It is not until you walk along the length of the 191m building that you get the impression of quite how imposing it actually is – it is a handsome facility

While there is no full circulation for HGVs, owing to the need for acoustic walls due to its proximity to residential areas, the yard space stretching some 170m and 47m in width at its widest is manageable accommodating 19 dock and two level access doors as well as turning space and parking for 9 HGVs. The separate HGV entrance has its own gatehouse.

Inside the building is surprisingly bright owing to the natural light from rooflights and on the day I visited comfortably warm. The 15m eaves height is accentuated by the barrel roof design – there is a lot of volumetric space available. As expected the facility has standard 50kn/m2 FM2 floor loading and has obviously been built to be as flexible as possible for incoming tenants.

What is of more interest, I suspect for occupiers, is that the property has 2MvA of power supply and having being built to attain BREEAM Excellent and an EPCA + rating, with subsequent high levels of air tightness could be suitable for a wide variety of occupiers.

Its biggest USP according to GLP senior development director Adrienne Howells and development surveyor Alex Eade, is that:  “It is the only brand new Grade A building of scale immediately available in the region.”

And that is an area looking all the way down the M4 from West London to Swindon, and down the M3 to the coast in Southampton. It is no wonder that GLP took the decision to forward find the scheme. 

Howells, said: “G-Park Basingstoke quite literally fills a gap for first-class logistics space in this region of the UK and we are seeing interest from a number of customers.”

Joint letting agents are Savills, CBRE, Cushman & Wakefield and Hollis Hockley.