Global integrated property group, Goodman has today announced the purchase of 22 acres of land at Grange Park, Northampton, from RBS Real Estate Asset Management (“RBS”). Goodman intends to develop two distribution facilities totalling 450,000 sq ft and will submit a detailed application to secure planning permission in the coming weeks.
Grange Park, Northampton is one of the most sought after logistics locations in the UK, immediately adjacent to junction 15 of the M1 motorway. Businesses currently occupying space at Grange Park, include John Lewis, Travis Perkins and Carlsberg. Development on the 500 acre site began in the early 2000s, with initial development including a distribution park, offices, hotels and new homes.
Charles Crossland, Managing Director of Goodman UK Logistics, said: “We’re delighted to have acquired this prime site, which is a rare opportunity given its proximity to the M1 and will add to the quality of our existing land bank offer to customers.
“There is a distinct lack of Grade A logistics space in the Northampton area, and indeed the wider region and we are keen to commence development as soon as possible to encourage investment and new jobs. We are currently developing plans to submit to South Northamptonshire Council, which will outline the benefits the development will bring to the local area.”
Helen Gordon, Global Head of RBS Real Estate Asset Management, said: “We recognised the potential offered by the prime location of this site and we have worked to successfully reposition it as a logistics development, given the high demand from occupiers and investors. We are pleased to have attracted a purchaser with the calibre of Goodman, which has a proven track record of building high quality logistics schemes for its customers.”
Today’s announcement follows a string of new logistics developments from Goodman over the last year. This month it completed a 330,000 sq ft parcel hub for Geopost at Hinckley Commercial Park. Earlier in the year it finished a major new 632,000sqft distribution facility for Kuehne + Nagel and Heineken, at Derby Commercial Park.