Clearbell Property Partners III LP (Clearbell), a fund managed by Clearbell Capital LLP, announces that it has acquired a 33-acre greenfield development site in Maidstone for £5m.

The fund has acquired the site from Roxhill, which benefits from an outline consent for a 489,000 sq ft business park consisting mainly of industrial units with some office space. The acquisition is a significant addition to Clearbell’s existing portfolio of multi-let industrial (MLI) assets and will join a 12.5-acre site in Thatcham, purchased in June last year.

The site at Maidstone is located at Junction 8 of the M20, providing excellent transport links to London and the South. It is also close to Aylesford, which is home to a number of well-established warehouse locations.

Following the acquisition, Clearbell’s development and project management teams will seek to bring the development forward and embrace the latest green technology in their designs.

Clearbell seeks to add additional sites to the portfolio to help combat the acute undersupply of industrial and logistics assets, both in the South East and throughout the UK.

Nick Berry, Partner at Clearbell Capital, said:

“We have believed in the investment potential of this sector for some time, and feel that it is even more relevant given the current climate. The coronavirus crisis has exposed supply chains across a number of sectors, with many businesses looking to make their supply chains more resilient in future with additional space. Coupled with our greater reliance on online shopping throughout lockdown, the demand for industrial and logistics space has never been greater.

In an already constrained market, we expect demand for prime small and medium sized assets to grow in the months and years to come. Development sites like Maidstone will provide local business communities with much-needed space to grow their businesses.”

CBRE and Avison Young advised on the transaction.