Railpen clears next phase of High Wycombe X

Railpen has secured planning consent for the 145,000 sq ft second phase of High Wycombe X, with more than half of the new industrial and logistics space already pre-let.

The manager of the £36bn railways pension scheme is developing the project with Wrenbridge at Cressex Business Park. Phase 2 will provide five units and follows completion of the first stage of the 360,000 sq ft redevelopment last year, with the latest phase scheduled to complete in 2027.

Two occupiers have committed to a combined 73,900 sq ft ahead of construction. Food wholesaler Booker has agreed a 47,300 sq ft unit, while indoor trampoline operator Activeon will take 25,600 sq ft, with both companies signing 20-year leases.

The remaining units will be developed speculatively, ranging from 19,429 sq ft to 28,460 sq ft. Wrenbridge said the level of occupier interest secured so far had given it confidence to bring the available space forward without pre-lets.

Max Russell, associate director at Wrenbridge, said: “We're bringing forward the remaining units on a speculative basis, confident that this level of occupier interest will carry through into this phase and future phases.”

Phase 2 is targeting BREEAM Excellent certification and EPC A+ ratings, as well as net zero carbon in construction. The development forms part of Railpen's wider X portfolio of small and medium-sized industrial and logistics schemes positioned around the M25 and other major transport corridors.

Alastair Dawson, UK industrial sector lead at Railpen, said the investment manager continued to see a long-term opportunity in the sector, supported by changes in e-commerce and UK supply chains.

“The demand for high-quality space continues to outstrip supply, and the strong pre-letting interest we’ve secured demonstrates that occupiers increasingly value developments that combine exceptional sustainability credentials, outstanding connectivity, and spaces designed around modern needs,” he said.

Activeon has operated in High Wycombe for more than 12 years and is using the move as part of its continued expansion. UK managing director Tim McClure said the 20-year commitment reflected the company's confidence in the town and the development.

Booker and Activeon will join food distributor RH Amar at High Wycombe X as Railpen and Wrenbridge continue the redevelopment of the former industrial estate.

A third and final phase is also progressing through planning, comprising a further 120,000 sq ft unit. That building is being marketed on either a pre-let or build-to-suit basis, which would ultimately take the wider High Wycombe X development to around 360,000 sq ft.

Railpen is pursuing the same industrial strategy elsewhere through developments including Dartford X, Waltham X and South Mimms X, where construction is expected to start in the coming months.

The High Wycombe approval provides another indication of investor appetite for modern industrial space where developers can demonstrate occupier demand. With more than half of Phase 2 committed before construction and the balance now proceeding speculatively, Railpen and Wrenbridge are effectively using those early lettings to support the next stage of development.