Trebor Developments and Schroders Capital UK Real Estate Fund have secured detailed planning consent to build a parcel hub of approximately 60,000 sq ft for DPD at Wolverhampton.
Works will commence on site later this summer, targeting practical completion in the second quarter of 2023.
Revolution Park was launched in the final quarter of last year and following a short period of marketing, terms have been agreed with DPD to build a single unit that will absorb 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.
Revolution Park is being jointly marketed by Gerald Eve and Bulleys on behalf of Trebor and Schroders Capital.
Greg Dalton, development manager for Trebor, commented: “We’re delighted to have achieved this next milestone which allows us to deliver a bespoke unit for DPD. We’re looking forward to pressing on with the redevelopment of the site, and it’s fantastic to be working with Schroders and DPD to deliver this best-in-class asset. Our focus now shifts to delivering the unit on budget and on programme.”
Rob Cosslett, deputy fund manager of Schroders Capital UK Real Estate Fund, added: “We are continuing to develop and refurbish our existing industrial assets across the UK as we look to cater for the growing demand for industrial space by identifying inherent opportunities to grow scale across our portfolio. The pre-let to DPD at Revolution Park de-risks the development of new industrial assets and we are delighted to have been granted planning consent to start so that we can start work on this modern state-of-the-art, sustainability-led unit.”
Jon-Ryan Gill, Partner at Gerald Eve, said: “This is another major step forward in the development of Revolution Park. We brought this site to market with the intentions of it becoming a much needed and major logistics hub in Wolverhampton. I am certain that Trebor, Schroders and DPD will produce a best-in-class sustainable industrial asset.”