RPMI Railpen and Wrenbridge have secured planning consent for a major London warehouse development.
The manager for the £30bn Railways Pension Scheme and property developer Wrenbridge achieved consent for a 128,000 sq ft warehouse development in Waltham Cross, in Hertfordshire, on a 5.85-acre site.
The site was purchased in October last year and with Wrenbridge acting as development partner with Railpen, the new units - ranging in size from 5,400 sq ft to 84,500 sq ft - are due to be completed in Q2, 2021.
The site location was chosen strategically due to its proximity to London, to Waltham Cross station, and to major roadways including the M25, A10, and M11.
Railpen senior asset manager Alastair Dawson said: "Securing planning consent achieves a major milestone in our objective of creating a new, Grade A warehouse development in this prime London location.
"We are committed to delivering this scheme and re-generating this derelict site, creating jobs for the Borough of Broxbourne."
Wrenbridge director Jeff Wilson added: "The industrial sector continues to grow, with demand for premium space outstripping supply. This new development in Waltham Cross, with its range of unit sizes and excellent accessibility, is exactly what the market is looking for."
This bolsters RPMI Railpen's property portfolio, after it acquired a mixed-use property development in Dartford in February, and in March the investment manager added to its London office investments with the purchase of Camden Works office scheme.
This comes as RPMI Railpen also announces Jason Wood as chief operations and technology officer. Part of Wood's remit is to harness the latest technology to facilitate investment activities. He started the role yesterday (1 July), replacing Paul Nathan who moved to the role of managing director of strategic development.
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