Second phase of Saltbox site is sold for £13.35million

Landlink Estates, the owner/developer, has sold to a new joint venture between Kier and PGIM, (Kier PGIM Logistics Propco 1 Limited).

Phase Two comprises prime commercial development land in 8.9 acres, capable of delivering trade, industrial and warehouse units from 2,500 to 150,000sqft.

Three ‘oven ready’ development plots have been sold together with the benefit of planning consent for light and general industrial and warehouse uses.

Agents for the deal were CBRE and the lawyers were Irwin Mitchell for Landlink Estates and Dentons for the purchaser.

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.

The site falls within Enterprise Bognor Regis, a 70-hectare commercial and employment development opportunity located on the northern edge of Bognor Regis, which has the potential to accommodate 150 businesses and provide 4,000 jobs.

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.”

Guy Sackett, property partner at Irwin Mitchell, said: “We have advised Landlink Estates on its first forays into the institutional market and helped 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.”