Panattoni acquires a prime 30-acre site in Slough
Panattoni, Europe’s largest industrial and logistics developer, has beaten off stiff competition to acquire a prime 30 acre site in Slough for the development of an industrial led scheme.
The developer has bought unconditionally the former ICI paintworks site in Wexham Road from AkzoNobel for an undisclosed sum.
Panattoni plans to speculatively build a number of high quality industrial and logistics units in a range of sizes and is open to interest from build to suit occupiers while it is going through the planning process.
The site is located two miles east of the Slough Trading Estate, home to several blue-chip occupiers including Mars, Telefonica O2, Ferrari, UK Mail, Lanes Group and UCB.
It is positioned in the prime west London corridor, within minutes of the M4 and M25, giving fast access to both Central London and Heathrow.
Potential occupiers will benefit from access to a large employment base with around 2.6 million people living within an hour’s drive.
Tony Watkins; Panattoni’s Development Director, commented: “Slough is going through a significant period of growth and there is an acute lack of space for commercial occupiers. There is now very limited opportunity for expansion in the Slough Trading Estate and we have already been approached by a number of parties looking to move”.
Matthew Byrom; Panattoni’s UK Managing Director, said: “To bring forward a site of this nature takes experienced and committed counterparties to reach an agreement. We would like to thank AkzoNobel for their constructive and collaborative approach, which was critical to concluding the transaction”.
This deal is the latest in a number of significant transactions completed by Panattoni in the south of England over the last few months, these include acquisitions in Luton, Borehamwood, Basildon, Swindon and Reading.
Matthew Byrom added: “The market fundamentals of our sector and the region mean we have a continued appetite for further development opportunities in the UK and we look forward to making a number of further announcements shortly”.