Deal Follows The Sale Of Phase One Of The Business Park In August 2021
Property lawyers at national law firm Irwin Mitchell have advised owner/developer Landlink Estates on the sale of the second phase of Saltbox Business Park for £13.35m to an SVP owned by a new joint venture between Kier and PGIM, (Kier PGIM Logistics Propco 1 Limited).
Saltbox Business Park is an industrial/ retail/logistics park in Bognor Regis, West Sussex in 17 acres of land. Phase Two comprises of prime commercial development land in 8.9 acres, capable of delivering trade, industrial and warehouse units from 2,500 to 150,000 sq. ft. Three “oven ready” development plots have been sold together with the benefit of planning consent for B1(C), B2 and B8 uses.
The deal follows the sale of Phase One of the Business Park in August 2021 to Knight Frank Investors. Phase One is now fully operational and houses a state-of-the-art Warburtons distribution facility as well as a new Aldi food store and Starbucks and Greggs drive-throughs. Irwin Mitchell also advised on this sale.
The site benefits from proximity to Gatwick Airport and the international commercial and ferry ports at Southampton and Portsmouth, and quick road access to the M27. It falls within Enterprise Bognor Regis, a 70-hectare commercial and employment development opportunity located on the northern edge of Bognor Regis in West Sussex which has the potential to accommodate 150 businesses and provide 4,000 jobs.
Landlink Estates Ltd is a privately owned property development company based in West Sussex. It is part of the Langmead Group, a family-owned business with a long-established portfolio of fresh food, farming, and property businesses.
Paul Hanson, CEO of Landlink Estates said: “We are pleased to have sold the second phase of Saltbox Business Park, so soon after completing the sale of Phase One. The demand for industrial and warehouse space has never been higher and we have taken advantage of this growing demand for quality warehousing and logistics facilities to secure a very good sale. We will be reinvesting the proceeds to add value to our extensive land and property portfolio.”
Expert Opinion“We are delighted to have advised Landlink Estates on its first forays into the institutional market and to help them deliver a great result with the sale of both phases of Saltbox Business Park. This area of West Sussex, with its good transport links, has been growing in popularity, particularly for the warehouse/logistics sector.
"We hope to continue working with Landlink Estates as they explore further opportunities to unlock value from their land and property assets in the region.”
Guy Sackett - Partner
Agents for the deal were CBRE. Dentons were the lawyers for the purchaser.