Thumbs up for £80m Hertfordshire logistics hub

Harleyford Capital has been given the green light for a prime multi-let logistics development adjacent to Greenhill Crescent and Croxley Park in Watford, Hertfordshire. The scheme, spanning 180,000 sq ft, has a gross development value of more than £80m. The plans were lodged in July last year following the site purchase, which was funded by Fiera Real Estate’s logistics development fund. The developer has proposed to regenerate an existing seven-acre brownfield site, taking redundant business park space and repositioning it for industrial and logistics use. The scheme will provide flexibility across 13 facilities, with units ranging from 7,000 sq ft to 40,000 sq ft. It is targeting EPC A+ and BREEAM Outstanding ratings, and will be one of the first WiredScore Certified urban logistics developments in the UK. Thomas Mallindine, managing director for asset management at Harleyford, said: “We are pleased to have secured detailed planning consent within eight months of submission and can now focus on commencing the development of much-needed grade-A stock into a submarket which has seen little development in the last cycle.” Chris Button, head of investment management at Fiera Real Estate, added: “This recent success builds on our strong track record in securing planning approvals and demonstrates our ability to add value to our investments.” Image from Harleyford