Oxenwood and Graftongate secure planning consent for east London last-mile logistics development
Oxenwood Real Estate, the UK and European real estate investment management firm, and Graftongate, the real estate developer, have secured planning consent to develop a last-mile logistics facility in Barking, east London.
The consent from Barking and Dagenham Council will enable the build-to-suit development of a 59,000 sq ft facility, Power59, on a 2.2-acre site on the A13, accessed via Gascoigne Road. Construction of Power59 will take nine months and could be available for occupation in the fourth quarter of 2023.
Power59 is the second logistics development alongside the 426,000 sq ft New Horizon scheme in Nottingham to be carried out by Oxenwood on behalf of its discretionary fund, Oxenwood Logistics Fund 1 SLP.
Jeremy Bishop, co-founder of Oxenwood, said: “We are excited by the opportunity to deliver high-quality, BREEAM “Excellent”, industrial space in supply-constrained Greater London. This is an attractive urban logistics location which benefits from excellent road communications and will appeal to a wide range of warehouse operations”.
Alex Thomason, development manager at Graftongate, said: “We are marketing the scheme for pre-let and are giving prospective tenants the opportunity to tailor the building to suit their requirements, which is already attracting strong interest. We look forward to delivering an outstanding development in partnership with Oxenwood”.
Letting agents are DTRE and JLL.