A new industrial and warehousing development in Maidstone, Kent is already 60% let as demand for units in the borough continues to rise.
Built by industrial developer and asset manager Chancerygate and located at the Parkwood Industrial Estate, Maidstone Exchange comprises seven new warehousing units and one car showroom totalling 55,296 sq ft. Units range in size from 3,950 sq ft to 17,060 sq ft and will provide flexible, high-spec industrial space.
Completed last month, the three-acre development is already 60% let. Peugeot occupies the car showroom, whilst other occupiers include Tyrepoint Services and car valeting and detailing business Your Coachman.
Commenting on the investment, Chancerygate Development Manager, Tom Faulkner, said: “We identified Maidstone as a strategic location with a burgeoning local economy. Parkwood Industrial Estate is one of the town’s most successful industrial areas. With more residential development nearby we expect greater demand for commercial premises to support the area’s growing population and provide new job opportunities.”
Each unit features a fitted first floor office and secure cycle parking, while charging points for electric vehicles have been provided for 20% of the site’s parking spaces.
The development has been commissioned with sustainability in mind and all units will deliver a 12% decrease in CO2 emissions over 2010 Building Regulations, reducing costs to tenants.
Furthermore, the units have been designed with insulated cladding and roofing materials to minimise draughts to reduce heat loss. To improve natural lighting and further reduce energy costs, each warehouse benefits from a minimum of 15% glazed roof lighting.
According to a recent report by the British Property Federation, the volume of warehouse space across England must increase if the government is to realise its target to deliver 300,000 homes a year by the mid-2020s. The report claimed that 20.6 million square feet, equivalent to 280 football pitches, of additional warehouse space is required each year to support growing communities.
John Foster, Maidstone Borough Council’s head of regeneration and economic development, said: “As Maidstone’s population and economy grows, it is vital that we ensure sufficient warehouse space is built to service our growing community. The development at Maidstone Exchange shows that the borough is a destination of choice for developers who are realising the town’s potential as a logistics hub for the South East region.”
Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. This financial year, the business is aiming to triple its completed developments compared with the previous year, targeting one million sq ft across 11 schemes.