Hertford, United Kingdom: A brownfield site in the middle of a Hertfordshire town is filling with the kind of growing businesses that urban logistics space is built for. Padrock has let two more units at its €88m, 20,935 m² Grade A Hertford Logistics Hub, both on 10-year leases.
Recycling technology manufacturer Pellenc ST has taken 770 m² and will run a demonstration, testing and training facility for its technology from the unit. Workplace technology provider Vision Group has occupied a 919 m² unit to support the growth of its managed print, content management and workplace IT services. They join 4Wall Entertainment, Learn to Dream, Trison and Datalec Precision Installations on a scheme that mixes video, print, audiovisual and data centre specialists. "Pellenc ST and Vision are both growing businesses that needed high-specification, sustainable accommodation in order to expand," said Jamie Young, investment and development manager at Padrock.
The scheme covers 4.5 hectares of brownfield land and comprises 16 urban multi-let industrial and logistics leasehold units. It has achieved BREEAM Outstanding and EPC A+ ratings and aligns with EU Taxonomy objectives. It sits close to the A414 and 1.6 km from the A10, with direct access to the A1(M), M11 and M25. "We have a variety of local and international occupiers at Hertford Logistics Hub from a range of sectors. This ably demonstrates the flexibility of our units, and our ability to work closely with different types of organisations to provide them with the ideal space required to achieve their business objectives," added Young.
What the release leaves unsaid matters to investors and developers. Rents, incentives and the number of units still available are not disclosed. On the headline figures, the development works out at roughly €4,200 per m², a calculation based on the total scheme value. The tenant mix is the more telling signal. Recycling technology, managed print and audiovisual integration are not classic big-box logistics users. They are tech-enabled, light-industrial occupiers who want smaller, well-specified units inside the town they serve, which suggests the multi-let urban model can attract demand outside traditional warehousing. "Demand for the remaining space remains high. We are in advanced discussions with a number of other prospective tenants for Hertford Logistics Hub which we will announce in due course," said Young.
Padrock is not slowing down. The developer's portfolio also includes Dagenham Logistics Hub and Leyton Logistics Hub in east London and Erith Logistics Hub in south east London, and it has submitted plans for two more Hertfordshire schemes. These are a €140m, 22,761 m² development in Elstree and a €129m, 19,045 m² scheme in Waltham Cross. M1 Agency and Paul Wallace Commercial are the agents for Hertford Logistics Hub.
People mentioned
- Jamie Young, Investment and Development Manager, Padrock
Companies mentioned
- Padrock, London-based specialist logistics developer behind the scheme
- Pellenc ST, recycling technology manufacturer and new tenant
- Vision Group, workplace technology provider and new tenant
- 4Wall Entertainment, global video and lighting rental service provider and existing occupier
- Learn to Dream, print, design and installation specialist and existing occupier
- Trison, audiovisual integration and digital experiences company and existing occupier
- Datalec Precision Installations, global data centre solutions provider and existing occupier
- M1 Agency, agent for Hertford Logistics Hub
- Paul Wallace Commercial, agent for Hertford Logistics Hub
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