Trammell Crow Company (TCC), a leading global developer and investor in commercial real estate, has been granted planning permission from Milton Keynes Council to develop a prime 19.4-acre logistics site comprising three Grade A speculative logistics buildings totaling approximately 340,000 sq ft (31,587 sq m), at Merton Drive, Milton Keynes, the former home of the Arcadia distribution centre.
Following a positive consultation with local residents and stakeholders, Trammell Crow Company worked closely with Milton Keynes Council and submitted a planning application in November 2021. Now approved, the scheme will regenerate a vacant brownfield site and TCC has signed a Section 106 agreement that will contribute over £0.5m to biodiversity and carbon offsetting, while 0.5 percent of the scheme’s GDV will go towards public art.
The three buildings will offer 221,000 sq ft (20,531 sq m), 71,000 sq ft (6,596 sq m) and 46,000 sq ft (4,273 sq m) of space, with building clear heights from 39 feet (12 m) to 49 feet (15 m). With the growing likelihood of electric vehicles (cars and lorries) and increased levels of automation and overall power demand, the proposed buildings provide increased load capacity on the roof to accommodate photovoltaic arrays and additional natural daylighting. They also house transformers and primary electrical frameworks sized for increased electrical demand and reserves of power; have infrastructure suitable for electric vehicle charging; provide increased capacity of floor slabs for floor-standing mezzanines and pick-towers; and have the flexibility to accommodate various office configurations.
Construction is due to start in May 2022 with an expected completion date of spring 2023. TCC is already on site as demolition consent was granted in December 2021. CBRE acted as the planning consultant on the project and Chetwoods as the architects.
Mike Forster, Head of UK Logistics at Trammell Crow Company, said: “Receiving our second planning consent in the UK and in 2022 is a major milestone and highlights the success of our active development programme in Europe. With record low vacancy rates at a regional and national level, we’re excited about the prospects for this exceptional site.”
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is a leading global developer and investor in commercial real estate. The Company has developed or acquired 2,800 buildings valued at nearly $70 billion and over 625 million square feet. As of September 30, 2021, TCC had $16.8 billion of projects in process and $9.6 billion in its pipeline. It employs nearly 625 professionals in the United States and Europe.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 25 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial, healthcare, multi-family residential, through its operating subsidiary High Street Residential, and mixed-use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet the needs of its clients. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development and providing incentive-based fee development services.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, and the world’s largest commercial real estate services and investment firm (in terms of 2020 revenue).