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Trebor Developments and the Schroders Capital’s real estate team have reached practical completion at Revolution Park Wolverhampton, on a 60,000 sq ft ‘build to suit’ parcel hub for DPD, owned by Schroders Capital UK Real Estate Fund (SCREF). The scheme has achieved record rental levels for the surrounding area and DPD have signed a long-term lease.

The site totals 10.5 acres and the state-of-the-art low site cover parcel hub has been built to BREEAM “Excellent” standards and an EPC A+ rating. The scheme incorporates various sustainable initiatives including on-site renewable energy, EV charging, thermal insulation and high performance glazing, sustainable lighting technology, reduced water flow rates, health and wellbeing commitments, and biodiversity initiatives.

Schroders Capital’s real estate team is focused on growing income across the SCREF portfolio through active asset management. With DPD taking a 25-year lease term, the delivery of this new and highly sustainable facility at Revolution Park builds on the Fund’s defensive income qualities and long term resilience.

Revolution Park has been awarded Deal of the Year in the 50-100,000 sq ft category at the National Industrial Agents Society awards and Midlands Regeneration Development of the Year at the Midlands Props Awards. It is nominated for further awards later this year, including Property Deal of the Year and Development of the Year at the upcoming West Midlands Insider Awards.

Gerald Eve LLP and Bulleys acted on behalf of Trebor and SCREF. SBH acted on behalf of DPD.

Greg Dalton, Development Director for Trebor, commented:

“We’re delighted to have achieved completion on this exiting project within both budget and programme. Acting for Schroders Capital UK Real Estate Fund as their Development Partner, we worked closely with DPD to ensure the unit is delivered on time to meet their operational needs and whilst also being designed to meet their exact specification. We’re excited to see DPD’s operation begin.”

Rob Cosslett, Fund Manager at Schroders Capital, added:

“It is great to see the completion of DPD’s state-of-the-art distribution facility at Revolution Park, and we would like to thank our partners at Trebor for their support in developing the site. This project’s success is testament to our expert industrial team at Schroders Capital. With an active asset management approach and close relationships with occupiers, our team is constantly focused on identifying opportunities across our portfolio to create best-in-class spaces that suit changing tenant needs.”

Trebor Developments and Schroders Capital UK Real Estate Fund (SCREF) have started work at Revolution Park, Wolverhampton, on a 60,000 sq ft build to suit parcel hub for DPD following the appointment of A&H Construction as main contractor.

The site totals 10.5 acres and the state-of-the-art low site cover parcel hub will be built to BREEAM “Excellent” standards and will be net zero carbon in both construction and operation. In order to achieve BREEAM “Excellent” and an EPC A+ rating, various sustainable initiatives have been incorporated including on site renewable energy, EV charging, thermal insulation and high-performance glazing, sustainable lighting technology, reduced water flow rates, health and wellbeing commitments, and biodiversity initiatives.

One of SCREF’s strategic priorities is to grow income through initiatives including developing industrial assets on existing sites and maintaining the portfolio’s defensive qualities through active asset management. New investment, which includes the works at Revolution Park, has focused on targeting higher sustainable yields, achieving rents ahead of ERVs, and capitalising on opportunities driven by structural change, such as demographic change and the growth of new technology, as well as the growing demand for assets with high sustainability credentials.

Revolution Park was recently awarded Deal of the Year in the 50-100,000 sq ft category at the National Industrial Agents Society awards. The scheme continues to be jointly marketed by Gerald Eve LLP and Bulleys on behalf of Trebor and SCREF. SBH acted on behalf of DPD

Greg Dalton, Development Director for Trebor, commented:

“We’re delighted to achieve this next critical milestone and excited to be starting on site. Working with Schroders Capital UK Real Estate Fund as Development Partner, we have been working closely with DPD to ensure the unit is delivered on cost and programme whilst being designed to suit their exact requirement. The unit is on programme to be ready for immediate operation next summer.”

Rob Cosslett, Fund Manager at Schroders Capital, added:

“To cater for the growing demand for high-quality, ESG-led industrial space we are continuing to develop and refurbish our existing industrial assets across the UK.

Major pre-lets such as the lease with DPD at Wolverhampton de-risks the development of new industrial assets and follows a similar pre-let we completed with ETAC for a purpose-built 30,000 sq ft distribution facility at Hartlebury Trading Estate in Worcestershire. Thanks to our industrial team’s active asset management and close relationships with occupiers, the fund has identified opportunities across our portfolio where we can develop new assets and provide more space for new and existing tenants, and we look forward to seeing the completed DPD unit at Revolution Park.”

Trebor Developments and Schroders Capital UK Real Estate Fund (SCREF) have secured detailed planning consent to build a parcel hub of approximately 60,000 sq ft for DPD.

Works will commence on site later this summer, targeting practical completion in Q2 2023. Revolution Park was launched in Q4 2021 and following a short period of marketing, terms have been agreed with DPD to build a single unit that will absorb the majority of the 10.5-acre site. The state-of-the-art unit will be built to BREEAM “Excellent” standards and will be net zero carbon in both construction and operation.

Revolution Park is being jointly marketed by Gerald Eve LLP and Bulleys on behalf of Trebor and Schroders Capital. SBH acted on behalf of DPD.

Greg Dalton, Development Manager for Trebor, commented:

“We’re delighted to have achieved this next milestone which allows us to deliver a bespoke unit for DPD. We’re looking forward to pressing on with the redevelopment of the site, and it’s fantastic to be working with Schroders and DPD to deliver this best-in-class asset. Our focus now shifts to delivering the unit on budget and on programme.”

Rob Cosslett, Deputy Fund Manager of Schroders Capital UK Real Estate Fund, added:

“We are continuing to develop and refurbish our existing industrial assets across the UK as we look to cater for the growing demand for industrial space by identifying inherent opportunities to grow scale across our portfolio. The pre-let to DPD at Revolution Park de-risks the development of new industrial assets and we are delighted to have been granted planning consent to start so that we can start work on this modern state-of-the-art, sustainability-led unit.”

Jon-Ryan Gill, Partner at Gerald Eve, said:

“This is another major step forward in the development of Revolution Park. We brought this site to market with the intentions of it becoming a much needed and major logistics hub in Wolverhampton. I am certain that Trebor, Schroders and DPD will produce a best-in-class sustainable industrial asset.”

Trebor Developments and Schroders Capital’s Schroder UK Real Estate Fund (SREF) have agreed terms with DPD at Revolution Park Wolverhampton for a build to suit parcel hub of approximately 60,000 sq ft, subject to planning.

Revolution Park was launched in Q4 2021 once detailed planning consent for a four-unit industrial development was secured, however following a short period of marketing to occupiers on a build to suit basis the proposed DPD unit will now take the majority of the 10.5 acre site. The state-of-the-art unit will be built to BREEAM “Excellent” standards and will be net zero carbon in both construction and operation.

A planning application was submitted in March and construction is programmed to start this summer.

Greg Dalton, Development Manager for Trebor, commented:

“It’s fantastic to have agreed terms with DPD so soon after the site’s formal launch to market and we’re delighted to be working with Schroders to see this important brownfield site in the Black Country fully redeveloped so soon. Furthermore, DPD support Trebor and Schroders’ ambition to invest heavily in sustainable initiatives and resources, and the unit will create a best-in-class asset for all parties involved.”

Louise Ferguson, Head of Property for DPDgroup UK Ltd, commented:

“We are absolutely delighted to agree terms for a new, purpose-built DPD distribution centre at Revolution Park. It is a great location for us. The new facility is part of DPD’s strategy to be the most responsible and sustainable city centre delivery company and a leader in the move to electric deliver vehicles in the UK. We have invested heavily in our regional network in the last ten years to meet the huge increase in demand for our services and this new facility will allow us to offer an even better service to the area, with more efficient fleet, shorter journeys and lower emissions.”

Jessica Berney, Fund Manager of Schroders Capital UK Real Estate Fund, said:

“To cater for the growing demand for industrial space we are continuing to develop and refurbish our existing industrial assets across the UK. This allows us to increase our exposure to the sector without having to pay high prices for new assets in a very competitive market.

Major pre-lets such as the lease with DPD at Wolverhampton de-risks the development of new industrial assets and follows a similar pre-let we completed with ETAC for a purpose-built 30,000 sq ft distribution facility at Hartlebury Trading Estate.

Thanks to our industrial team’s active asset management and close relationships with occupiers, we have identified opportunities across the fund’s portfolio where we can develop new assets and provide more space for new and existing tenants.”

Revolution Park is being jointly marketed by Gerald Eve LLP and Bulleys on behalf of Trebor and Schroders Capital. SBH acted on behalf of DPD.

Trebor Developments and Schroders Capital’s Schroder UK Real Estate Fund (SREF) have secured detailed planning consent for a four-unit industrial development at “Revolution Park, Wolverhampton”.

The development will be offered to occupiers on a build-to-suit basis of up to 200,000 sq ft, however the planning consent allows for a fast-track delivery of four mid-box industrial units from 25,000 to 84,000 sq ft to meet the needs of either distribution or manufacturing occupiers.

Greg Dalton, Development Manager for Trebor, commented:

“Securing planning for the four-unit scheme is a key milestone in the delivery of this site, not only allowing us to deliver these particular units on a fast track basis but also establishing the principle of development on this brownfield site. We are very happy with the outcome. All units will be best in class and constructed to both BREEAM 1 “Excellent” and net zero standard.”

John Sambrooks of Gerald Eve added on behalf of the joint agents:

“This new development is being delivered at a critical time in the market where demand is outstripping supply for new industrial/logistics space. We are delighted with the early response from occupiers, particularly those looking to acquire new buildings which meet the highest environmental standards ensuring the best working environment for their employees and customers.”

Philip Scott, SREF’s Investment Manager, Schroders Capital, said:

“We are delighted to have secured planning consent for the redevelopment of Revolution Park. This will be one of the most sustainable and efficient buildings within Schroders Capital’s industrial portfolio and will allow us to deliver high quality, environmentally friendly, lower cost buildings for tenants.”

Revolution Park is being jointly marketed by Gerald Eve LLP and Bulleys on behalf of Trebor and Schroders Capital.