Warehouse REIT has entered into a development agreement with Panattoni to bring forward the development of up to 2 million sq ft at its logistics hub at Radway Green, in Crewe.

Panattoni will be responsible Under the terms of the agreement for delivering the scheme with Warehouse REIT funding and retaining the completed scheme.  

Andrew Bird, CEO of Tilstone Partners, said: “This is another significant milestone for Warehouse REIT as we accelerate our ‘lazy acres’ strategy, at what has the potential to be the premier logistics hub in the North West. Working alongside a like-minded and globally renowned partner in Panattoni significantly de-risks the scheme and allows us to leverage its global logistics development expertise, enabling Warehouse REIT to benefit from Panattoni’s strong occupier and contractor relationships. The logistics market dynamics in the North West remain highly compelling: supply has fallen by 37% in the past 12 months, underpinning strong rental growth forecasts.” 

The first phase of the project will start on site in Q4 2022, with the first units available for occupation in Q4 2023 and it has the potential to create up to 1,000 local jobs. 

Dan Burn, Development Director for the North West and Yorkshire at Panattoni, said: “We are delighted to be bringing forward this strategic and important logistics site alongside Warehouse REIT to help meet the demand in the market.  We look forward to delivering the first phase of units creating new opportunities in the market for our global clients”.