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Industrial developer Panattoni has secured a pre-let for a 36,000 sq ft warehouse at its Panattoni Park, Borehamwood, to UK Power Networks.

The 17-acre scheme, a former Sainsbury’s depot off Elstree Way, was sold to the developer for more than £3 million an acre in 2018, after a keenly contested bidding process that set a new record land price for the North London Industrial Market.

At the time of the acquisition Tony Watkins, development director at Panattoni, said: “Borehamwood being only 12 miles north of Central London and 2.5 miles from the M25, represents a rare opportunity for occupiers to service a number of key affluent catchments and will likely appeal to the fast growth urban logistics market.”

Panattoni is currently demolishing the old Sainsbury’s distribution site and plans to replace the older buildings with newer and more energy-efficient units.

Matthew Byron, MD at Panattoni, said: “We’ve seen strong rental growth in many of the prime London sub-markets, which has underpinned our London Logistics Strategy to buy the very best sites and move on rents to match demand.”

The site could provide up to three units on the site of 68,000, 81,000 and 133,000 sq ft, or can offer the option of a single unit of 328,000 sq ft on a design and build basis.

Since October 2017, Panattoni has committed to more than 8.5 million sq ft of new projects in the UK with a development value of over £1 billion.

By Liza Helps