Maidstone Exchange 60% let
08 August 2019
A new industrial and warehousing development in Maidstone, Kent is already 60% let as demand for units in the borough continues to rise.
Completed last month, the three-acre development was built by industrial developer and asset manager Chancerygate and is located at the Parkwood Industrial Estate.
Maidstone Exchange comprises seven new warehousing units and one car showroom totalling 55,296 sq ft. Units range in size from 3,950 sq ft to 17,060 sq ft and will provide flexible, high-spec industrial space.
According to a recent report by the British Property Federation, the volume of warehouse space across England must increase if the government is to realise its target to deliver 300,000 homes a year by the mid-2020s. The report claimed that 20.6 million square feet, equivalent to 280 football pitches, of additional warehouse space is required each year to support growing communities.
John Foster, Maidstone Borough Council’s Head of Regeneration and Economic Development, said: “As Maidstone’s population and economy grows, it is vital that we ensure sufficient warehouse space is built to service our growing community. The development at Maidstone Exchange shows that the borough is a destination of choice for developers who are realising the town’s potential as a logistics hub for the South East region.”
Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. This financial year, the business is aiming to triple its completed developments compared with the previous year, targeting 1 million sq ft across 11 schemes.