Work has commenced on the site of the Arc warehouse project in Aylesford, Kent, following the appointment of Readie Construction Limited to deliver the 120,000 sq ft development. The scheme, which is [owned and operated by a JV between a client of LaSalle Investment Management (“LaSalle”) and Wrenbridge], will be ready for occupation in Q1 2021. It will comprise four industrial units, complemented by two drive-through outlets that have been pre-lets to McDonalds and Costa and an ‘ecological park’ for use by the general public and occupiers of the BREEAM ‘Excellent’ scheme.
Of the four industrial units, one is already under offer to local business Must Have Ideas, which is relocating to the site as its business grows. Despite the impacts of Covid-19 Must Have Ideas is experiencing record sales, with revenue up 40% on forecasts, and is actively seeking to recruit 12 new employees in addition to the 19 it currently employs.
Arc will provide much needed stock into the region, with CBRE and Altus Group providing agency advice.
Jonathan Hawkes, Fund Manager at LaSalle Investment Management, said: “We have identified this as an area of continued growth in the urban warehouse sector and think this location is particularly well suited to meet this demand. We are pleased to be partnering with Wrenbridge on a scheme that offers a range of sizes to a very high specification, with significant consideration at design stage to incorporating sustainable and wellbeing elements which we believe will be key factors in attracting occupiers.”
Jamie Garrett, Director of Wrenbridge commented: “We are really excited to be working with LaSalle, Altus and CBRE to launch the new scheme, Arc. This has been a real team effort to get onto site, working with members across the LaSalle team on the roadside and industrial lettings. The strong start to the scheme has backed up the business plan of investing in an area with a lack of supply in a starved market. We look forward realising the success of the overall scheme with 50% of the units let before starting on site. Any enquiries please do get in touch with us or our agents.”
Chris Finch, Director at Must Have Ideas, said: “There’s very little suitable stock available in the area at the size that our growing business needs, which is why we were so pleased to secure a prime unit on this exciting new development. We’re particularly pleased that Wrenbridge have designed these units to be best-in-class in overall design and energy efficiency. Wrenbridge and CBRE have been a pleasure to deal with and we were able to do the deal swiftly. We’re excited to get the keys early next year!”