New midbox developer launches in UK

by Liza Helps, Property Editor Logistics Matters

The joint venture has already acquired five sites from a variety of vendors in Kings Heath, Redditch, Colnbrook, Milton Keynes, and Reading. These sites will deliver over 500,000 ft2 of best-in-class mid box logistics space within the next 18 month. The joint venture has ambitions to grow its pipeline further in the near term.

One development, Greenlight Kings Heath in Birmingham, is expected to complete in October this year. It totals 72,999 ft2 and comprises a 30,000 ft2 warehouse (Unit 3) along with nine multi use/trade units ranging in size from 3,583 ft2 to 7,167 ft2. Rents for the units are being quoted at £15 per ft2 for the smaller units and £12 per ft2 for Unit 3.

Unit 3 will have two dock and one level access door as well as a 35m secure yard, 9m eaves and 3,000 ft2 of CAT A office space. Joint letting agents are Colliers and Harris Lamb.

Greenlight will focus on developing first-class, mid box assets with strong sustainability credentials near major conurbations and transport arteries across the UK. Developments will target EPC A+ as well as BREEAM Outstanding with new schemes delivering net zero carbon in operation for the base build. Greenlight will seek occupier engagement to collaborate on maximising energy efficiency and minimising consumption thereby reducing energy costs. Greenlight will deliver sustainable developments in the mid-box market to tap into the significant undersupply of high-quality, modern assets of this type and size.

Dan Dawe at Delancey, said: “Whilst investment values have fallen significantly from their peak, occupational demand for well-located mid box logistics space remains high and continues to grow with occupiers increasingly demanding first-class, sustainable space. There is a significant supply shortage and Greenlight will tap into this imbalance. Our chosen partner Coltham has an experienced management team, with extensive industrial and development expertise and we are looking forward to growing Greenlight together.”

Simon Pursey at Coltham, added: “This partnership with Delancey provides us with the financial strength and industry expertise to access the best sites for this exciting strategy. Our first five developments epitomise our approach of investing into well located sites and committing to develop high specification facilities which have already attracted interest from numerous occupiers. The sustainability features we have included will futureproof the asset while reducing tenants’ running costs and minimising its impact on the planet.”

Greenlight's goal is to play its part in the transition to a lower carbon economy. Embodied carbon emissions resulting from construction will be minimised and refurbishment opportunities will be pursued where practicable.