Regeneration of former Coryton oil refinery site will create 5,500 new jobs and expected to dd £350 million per year to the local economy… Thames Enterprise Park Limited, a joint venture between ALMCOR and Greenergy, has been given the green light from Thurrock Council for one of the most significant
Development land is situated within its Horizon 29 scheme which extends to 140 acres in total capable of accommodating 1.4M sq ft of prime warehouse and logistics space. ALMCOR and St. Francis Group sell 80 acres of Logistics Development Land at Horizon 29, North Derbyshire, to BentallGreenOak and Equation Properties
BDC 319 : Aug 2024
Regeneration of former Coryton oil refinery site will create 5,500 new jobs and expected to dd £350 million per year to the local economy… Thames Enterprise Park Limited, a joint venture between ALMCOR and Greenergy, has been given the green light from Thurrock Council for one of the most significant brownfield regeneration projects in the South East of England. Thames Enterprise Park will revive the former Coryton oil refinery site, initially delivering 3.7 million sq ft of advanced logistics, advanced manufacturing and next-generation energy technology uses. It will create up to 5,500 new jobs. The development is expected to add more than £350 million per year to the local economy ultimately growing to more than £3.5 billion. It will transform 412 acres of brownfield land into a new commercial district with the first plots expected to be ready for development during 2023. The development will have sustainability at its core and will comprise state-of-the-art construction to the highest standards of energy efficiency. It will help occupiers to deliver on ESG requirements and feature next generation energy technologies that contribute to the decarbonisation agenda. Rupert Wood, Head of Strategic Land at ALMCOR, speaking on behalf of Thames Enterprise Park, said: “This is an important milestone for the project.” “Thames Enterprise Park is a once-in-a-generation regeneration project and we are very pleased to secure the support of Thurrock Council’s planning committee. The project will create 5,500 jobs and will play a transformational role for Thurrock and for Thames Freeport, bringing this former employment site back into use with up to 3.7m sq. ft of modern, sustainable business space. It will also create one of the most significant employment-led regeneration projects in the South-East of England.” Thames Enterprise Park will play a pivotal part in the long-term success of Thames Freeport, the UK’s leading Freeport, with the site offering significant additionality for the Thames Freeport to achieve its full potential. The plans will put Thames Enterprise Park at the heart of the decarbonisation agenda and help occupiers looking for solutions in the face of the energy transition and the climate change challenge. Thames Enterprise Park is one of ALMCOR’s major brownfield regeneration projects. It is part of ALMCOR’s portfolio of large-scale, complex redevelopment sites where ALMCOR’s capability and expertise is making the difference in bringing strategic sites forward.
Development land is situated within its Horizon 29 scheme which extends to 140 acres in total capable of accommodating 1.4M sq ft of prime warehouse and logistics space. ALMCOR and St. Francis Group sell 80 acres of Logistics Development Land at Horizon 29, North Derbyshire, to BentallGreenOak and Equation Properties Bolsover Land Limited (‘BLL’), a joint venture between ALMCOR (formally known as iSec) and St. Francis Group, has sold over 80 acres at its 1.4 million sq. ft. Horizon 29 warehouse and logistics development to BentallGreenOak (‘BGO’) and their development partner, Equation Properties for £39.9 million. BGO and Equation will develop up to 1.2 million sq. ft. at Horizon 29 across the 140-acre strategic brownfield site located adjacent to Junction 29A of the M1 and Markham Vale. Horizon 29, formerly the Coalite works, was acquired by BLL in 2012. The site has been remediated and core infrastructure constructed to allow for development to further consolidate Horizon 29 as one of the East Midlands’ premier industrial and logistics location. BLL retains over 33 acres for further development which will be brought forward alongside the BGO development. Rupert Wood, Head of Strategic Land at ALMCOR, said: “This is an excellent deal for the JV having bought the site in 2012. It will drive forward the delivery of Horizon 29 while allowing ALMCOR to release capital to recycle it into other substantial projects that we are bringing forward, such as Thames Enterprise Park in Thurrock. Working with our JV partner, St Francis Group, we have delivered a warehousing and logistics site into an increasingly constrained market at the right time demonstrating our credentials as strategic land specialists.” Gareth Williams, Development Director at St Francis Group, said: “This sale highlights the expertise within the Group and the wider Joint Venture to unlock technically challenging brownfield sites, and to complete significant highway and service infrastructure to create a development ready site capable of immediate development. Having jointly invested significant funds to achieve this in time to capitalise on rising demand for serviced land, we are delighted to have completed this sale to BGO and to have secured a programme of speculative development at Horizon29.” Gareth Purcell, Managing Director at BentallGreenOak, said: “We are delighted to have closed on the acquisition. The first phases of the site already benefit from Reserved Matters planning consent and we will be commencing speculative development works on site during Q2 with the first units completing by year-end. This deal, which completed on Christmas Eve, closes out a very busy year for BGO’s UK logistics platform, with us having acquired land to deliver c. 5m sq.ft. of new logistics space with our partners at Equation Properties in addition to a further 3.7m sq.ft. of standing assets across a total of 12 separate transactions.” BLL was advised by JLL and Clyde & Co and BGO and Equation were advised by Burbage Realty and Taylor Wessing. For further information on the development visit: www.horizon29.com
