Specialist logistics developer Padrock has submitted plans to speculatively develop a 245,000 sq ft Grade A urban multi-let industrial (MLI) and logistics development in Elstree, Hertfordshire.
The proposed scheme will comprise 13 units ranging from 10,500 sq ft to 130,000 sq ft and have a gross development value of around £120m.
The 17-acre brownfield site was acquired by Padrock in March this year and is located adjacent to the established Centennial Park business estate in Elstree.
The site is also strategically positioned next to the A1, three miles from the M1 and six miles from the M25, providing strong connectivity to central London and the national road network.
All units at the development have been designed to deliver best-in-class sustainability credentials including BREEAM Outstanding and EPC A+ ratings, plus alignment with EU Taxonomy objectives.
Subject to planning, construction is anticipated to commence in autumn of this year, with practical completion expected in late 2027.
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.
“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.”
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