Under Kier Property’s new joint venture with PGIM, it has purchased 8.9acres of developable land in Bognor Regis
The land was purchased from Landlink Development 1 Limited for £13.35m. Kier Property will develop a Trade City and Logistics City scheme.
The site, situated on Saltbox Business Park, was purchased as three vacant plots. Kier plans to develop Phase II of the park, bringing forward the delivery of circa 200,000 sq ft of modern, high quality, industrial space across 11 units, ranging between 3,000 – 50,000 sq ft.
The first phase, undertaken by the vendor, comprises a Warburtons distribution facility, Aldi store and Greggs and Starbucks drive-thrus.
‘Strategic joint venture’
Leigh Thomas, managing director for Kier Property commented: “The acquisition of this site is an important milestone in kickstarting our new joint venture with PGIM and forms the primary part of our new strategic joint ventures in our core sectors of industrial, offices, and mixed-use residential and defines the next exciting chapter in our growth plans.
“The joint venture has an ambitious pipeline and are keen to consider more opportunities within the industrial sector, which has proven to be a highly resilient market, which looks set to continue.”
