Slough Data Centre Approved
Tritax Big Box Gains Planning Approval for Major Slough Data Centre Project
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Key Points
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Manor Farm sits on a 74-acre site in the Slough Availability Zone, underlining significant scale and strategic value given its proximity to Heathrow in one of Europe’s tightest data-centre markets.
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There is clear occupier demand for powered capacity in Slough, with a competitive marketing process yielding strong interest and a pre-let agreement now in solicitors’ hands.
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The project sits against a backdrop of weaker free cash flow conversion expected in 2025 and higher debt levels, factors that could influence the near-term financial profile of the company.
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Tritax Big Box REIT is described as the UK’s largest listed owner and developer of high-quality logistics assets and is part of the FTSE 100, underscoring the scale and visibility of the Manor Farm project.
Tritax Big Box REIT has secured planning consent for its 107MW Manor Farm data centre in Slough, clearing a six-week judicial review and opening the door to development in one of Europe's most supply-constrained markets, according to MarketScreener. The facility will sit on a 74-acre site in the Slough Availability Zone, close to Heathrow Airport.
The company also locked in an accelerated route to power delivery and has a pre-let agreement now moving through legal documentation, according to Traders Union. Once operational, the project is expected to deliver a 9.3% yield on cost.
Why Slough Is One of Europe's Hottest Data Centre Markets
Slough sits next to Heathrow and forms part of a cluster known as the Slough Availability Zone. It is one of the tightest data centre markets in Europe. Supply is extremely limited, and demand for powered space keeps rising. That makes Manor Farm a high-value project from the start, according to BE News.
Tritax ran a competitive marketing process for the site. The result was strong occupier interest and a pre-let deal now in the hands of solicitors, according to LSE. Management said there is clear demand for powered capacity in Slough, underlining confidence in the project's commercial case.
Six-Week Judicial Review Ends, Clearing the Development Path
After planning consent was granted, Manor Farm had to survive a six-week window during which any party could challenge the decision through a judicial review. That window has now closed without a challenge, according to BE News. Tritax can now move forward with full confidence.
The clean conclusion removes a key legal risk. Combined with the pre-let and the power route, it means three of the biggest hurdles in data centre development — planning, power, and occupier demand — are all resolved at once, according to MarketScreener.
Power-First Strategy Gives Tritax a Rare Edge
Power is the scarcest resource in data centre development right now. Tritax secured an accelerated route to power delivery for Manor Farm. That is a major differentiator in a market where many sites wait years for grid connections, according to Traders Union.
Tritax describes this as its "power-first" delivery approach. Rental income will start after practical completion. At a 9.3% yield on cost, Manor Farm is expected to generate attractive returns. Management said the combination of planning, power, and pre-letting significantly de-risks the project and supports fast market entry, according to LSE.
Strong Project Profile Despite Wider Financial Headwinds
Tritax Big Box REIT is the UK's largest listed owner and developer of high-quality logistics assets and sits in the FTSE 100. Manor Farm adds a new dimension to that portfolio. The 107MW facility is large by any measure and signals a deliberate move into data centre development, according to Traders Union.
The project does come with context. Tritax faces weaker free cash flow conversion expected in 2025 and higher debt levels. Those factors could weigh on its near-term financial profile. But management has framed Manor Farm as a value-creation milestone and a route to strong shareholder returns in a high-demand sector, according to MarketScreener.
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