Panattoni, the global industrial developer, has bought its next major UK site for a five-unit scheme it plans to build in Southampton.
The development, known as Panattoni T Park Southampton, will sit next to the M27 motorway and is being developed speculatively. Market sources told CoStar News that Panattoni bought the site from developer Churchill Retirement Living for an undisclosed fee.
It is understood that Panattoni is looking to speculatively develop 220,000 square feet over five units, ranging from 20,900 square feet to 95,640 square feet. The site already has planning consent.
The purchase is Panattoni's latest in the UK, with the firm acquiring a site in Towcester, Northamptonshire, where it will deliver around 1 million square feet across three units.
It also bought an 11.8-acre site in Bognor in February, its fourth South East land purchase in two year. It is developing 200,000 square feet of industrial accommodation at the site.
Jerry Vigus, senior director at LSH, which acted for the vendor, said in a statement: "We have been working on both sites for a considerable amount of time with the team at Panattoni and their funding partners providing both occupational and investment advice to support the acquisitions and are delighted to secure them off market and we are excited to be involved in the letting of both schemes.
"This is the third site we have acquired this year for Panattoni UK having already acquired 12 acres in Bognor Regis for 203,000 square feet early in the year".
Panattoni was approached for comment.