Trebor and Schroders Capital secure pre let to DPD at Revolution Park, Wolverhampton
Trebor Developments and Schroders Capital’s Schroder UK Real Estate Fund (SREF) have agreed terms with DPD at Revolution Park Wolverhampton for a build to suit parcel hub of approximately 60,000 sq ft, subject to planning.
Revolution Park was launched in Q4 2021 once detailed planning consent for a four-unit industrial development was secured, however following a short period of marketing to occupiers on a build to suit basis the proposed DPD unit will now take the majority of the 10.5 acre site. The state-of-the-art unit will be built to BREEAM “Excellent” standards and will be net zero carbon in both construction and operation.
A planning application was submitted in March and construction is programmed to start this summer.
Greg Dalton, Development Manager for Trebor, commented: “It’s fantastic to have agreed terms with DPD so soon after the site’s formal launch to market and we’re delighted to be working with Schroders to see this important brownfield site in the Black Country fully redeveloped so soon. Furthermore, DPD support Trebor and Schroders’ ambition to invest heavily in sustainable initiatives and resources, and the unit will create a best-in-class asset for all parties involved.”
Louise Ferguson, Head of Property for DPDgroup UK Ltd, commented: “We are absolutely delighted to agree terms for a new, purpose-built DPD distribution centre at Revolution Park. It is a great location for us. The new facility is part of DPD’s strategy to be the most responsible and sustainable city centre delivery company and a leader in the move to electric deliver vehicles in the UK. We have invested heavily in our regional network in the last ten years to meet the huge increase in demand for our services and this new facility will allow us to offer an even better service to the area, with more efficient fleet, shorter journeys and lower emissions.”
Jessica Berney, Fund Manager of Schroders Capital UK Real Estate Fund, said: “To cater for the growing demand for industrial space we are continuing to develop and refurbish our existing industrial assets across the UK. This allows us to increase our exposure to the sector without having to pay high prices for new assets in a very competitive market.
Major pre-lets such as the lease with DPD at Wolverhampton de-risks the development of new industrial assets and follows a similar pre-let we completed with ETAC for a purpose-built 30,000 sq ft distribution facility at Hartlebury Trading Estate.
Thanks to our industrial team’s active asset management and close relationships with occupiers, we have identified opportunities across the fund’s portfolio where we can develop new assets and provide more space for new and existing tenants.”
Revolution Park is being jointly marketed by Gerald Eve LLP and Bulleys on behalf of Trebor and Schroders Capital. SBH acted on behalf of DPD.