Specialist logistics developer Padrock has acquired a 17-acre site in Elstree, Borehamwood, with outline consent to build a 245,000 sq ft urban multi-let industrial (MLI) and logistics development.
Padrock has acquired a 17-acre site in Elstree, Borehamwood
Located off Watford Road and adjacent to Centennial Park, the proposed development will comprise 13 units ranging from 10,500 sq ft to 130,000 sq ft, all of which will target EPC ‘A+’ and BREEAM ‘Outstanding’ ratings.
The scheme will have a gross development value of around £120m.
Padrock partner Mark Symonds said: “This acquisition marks another step forward in our strategy to expand within London’s multi-let industrial market and become a leading provider of high-quality, flexible space in key urban locations.
“Elstree is strategic location, close to central London and major transport routes, making it attractive to logistics, trade and light industrial businesses seeking efficient access across the capital.”
A reserved matters application is expected to be submitted this month, with construction anticipated to commence in autumn of this year. Practical completion for the development is expected in late 2027.
Headquartered in London, Padrock has around 1m sq ft of urban MLI logistics space across its UK portfolio, which includes Dagenham Logistics Hub and Leyton Logistics Hub.
Padrock was advised on the acquisition by M1 Agency, Lambert Smith Hampton and Simmons & Simmons. The vendor was advised by JLL.
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