Plans submitted for £120m 245,000 sq ft logistics centre in Hertfordshire
Plans for a new logistics centre in Hertfordshire have been sent to the planning authority.
Padrock has revealed plans to construct a 245,000 sq ft Grade I logistics hub in Elstree.
The specialist logistics construction company estimates that the finished facility will have a gross value of around £120 million.
It is also projecting that the scheme will create up to 510 jobs. Plans released by Padrock show the site will consist of 13 units ranging from 10,500 sq ft to 130,000 sq ft.
The development company confirmed that it is planning to build the centre on a brownfield site that it bought in March. Padrock notes that the site is located adjacent to the Centennial Park business estate.
It is hoped that the development’s close location to the A1, as well as being three miles from the M1 and six miles from the M25, will appeal to businesses.
Padrock founding partner, Mark Symonds, said: “Our plans will provide Elstree with a highly sustainable economic asset that will help satisfy the latent demand in the region for high-specification, new-build urban MLI accommodation.
“Our scheme will appeal to a wide range of occupiers due to the versatility and flexibility of our proposals and the diversity of tenants we would hope to attract would be one of its strengths. We anticipate the development will enable the creation of up to 510 jobs.
“With all of our developments we want to create outstanding sustainable environments with excellent connectivity for businesses to grow, employ people and achieve their commercial objectives.
“We intend for our Elstree scheme to be another great example of Padrock’s distinct approach to development and we now look forward to our plans being heard at committee.”
Subject to planning, construction is anticipated to commence in autumn of this year, it is hoped that the project may be completed by late 2027.
Padrock notes that it has completed similar schemes including one in nearby Hertford and other logistic sites in the East London area.
It says all units for the new development will be made to BREEAM Outstanding and EPC A+ ratings, plus alignment will be delivered with EU Taxonomy objectives.