en.Wedoany.com Reported - Specialist logistics developer Padrock has submitted a planning application for a speculative 245,000 sq ft Grade A urban multi-let industrial (MLI) and logistics project in Elstree, Hertfordshire, UK.

The project's plan includes 13 units ranging from 10,500 sq ft to 130,000 sq ft, with a total development value of approximately £120 million. The 17-acre brownfield site was acquired by Padrock in March this year, adjacent to the established Centennial Park business park in Elstree. The project enjoys a strategic location, close to the A1 road, 3 miles from the M1 motorway, and 6 miles from the M25 motorway, providing convenient access to central London and the national road network.

All units are designed to the highest sustainability standards, including BREEAM Outstanding and EPC A+ ratings, and are aligned with EU Taxonomy objectives. Subject to planning approval, construction is expected to commence this autumn, with completion targeted for the end of 2027.

Mark Symonds, Founding Partner at Padrock, said the plan will bring a highly sustainable economic asset to Elstree, helping to meet the underlying demand for high-specification new-build urban multi-let industrial facilities (MLI) in the area. Due to the versatility and flexibility of the scheme, it is expected to attract a wide range of tenants.

Headquartered in London, Padrock is a real estate developer and asset manager focused on sustainable urban multi-let industrial (MLI) and logistics assets in the UK and Europe. The company currently has approximately 1 million sq ft of Grade A multi-let industrial (MLI) and logistics facilities under construction or in preparation for development, with a total development value of £500 million. Its current development portfolio also includes Hertford Logistics Hub, Dagenham Logistics Hub, Leyton Logistics Hub, and Erith Logistics Hub.

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