Tritax Big Box gets planning permission for new Dartford logistics facility

Tritax Big Box REIT updated the market on progress with its 114 acre development site at Littlebrook, Dartford, within the M25 on Monday, which it acquired in July 2017.

The FTSE 250 company said it had now secured planning permission from Dartford Borough Council for the proposed development of a 450,240 square foot cross-docked logistics facility with a clear internal height of 21 metres.

It said the proposed development of the asset was on 28.6 acres of phase one land, with the planning permission consolidating planning consents from other parts of the site.

The marketing campaign, which it said was formally launched recently, had already attracted a “healthy” level of enquiries and the phase one planning consent was expected to heighten interest further.

Tritax said it was targeting a yield on cost on phase one in excess of 6.5%.

It said the Littlebrook site represented one of London's largest big box logistics parks, and was in a core south east "last mile" location on the edge of London and inside the M25 orbital motorway.

The site featured “excellent” road and port connectivity, Tritax reported, and could support the potential development of around 1.7 million square feet of logistics distribution buildings, including several big box logistics facilities, together with some smaller urban logistics facilities.

By developing buildings on a pre-let basis only on the site, the board said it aimed to add new high-quality investments to its portfolio over the coming years at an attractive yield on cost, while minimising risk.

Demolition of both phases one and two, which total around 54 acres, had now completed on time and on budget.

An important part of the demolition process was ensuring that as much of the demolished material as possible was recycled.

To date, Tritax said a recycling level of over 98% had been achieved across the site.

The demolition of phase three, which includes the main power station and its associated infrastructure, was continuing and is on track to complete in early 2020.

Discussions were now ongoing with Dartford Borough Council for a separate application for outline planning consent on the balance of the site.

“Working alongside our development partner, Bericote Properties, we are delighted to have been granted planning permission for the first development phase of this exciting big box logistics park within the M25 at Dartford, London,” said Tritax partner Colin Godfrey.

“The development team look forward to continuing to build on the positive working relationship established with Dartford Borough Council to progress discussions to secure planning consent for the development of the balance of this site.”

Godfrey said the company anticipated being able to provide additional new high-quality investments on a pre-let basis over coming years, at an attractive yield on cost.

“Our continuing phased capital investment programme will in time bring new jobs to the site as well as the wider area.”