Elite UK REIT has received planning approval from local authorities for its proposed data centre development at Peel Park, Blackpool.
Elite UK REIT says the valuation of Peel Park, because of this, has increased 65% from two years ago and 22% from a year ago to £40 million as at Dec 31 2025, after Peel Park was offered 120 megavolt-amperes (MVA) power and entered into the final stages of a planning application for a data centre development.
Sited on around 37 acres of freehold land, Elite UK REIT can possibly go ahead and develop a data centre that will take up to 20 acres. The adjacent existing office buildings remain leased to its key tenant.
According to Elite UK REIT, the site is now used for parking, or covered by scrubland.
The REIT believes the data centre development can tap on its proximity to subsea fibre-optic infrastructue.
"The planning approval today marks another milestone in our value creation strategy," says Joshua Liaw, CEO of the manager.
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"It demonstrates our ability to identify unique attributes and potential of each of our value. We are now in a strong position to actively explore various strategic options for Peel Park, Blackpool to maximise value for our Unitholders," he adds.
The proposed data centre can be up to 14 metres in height, with a rooftop cooling structure rising to 20 metres. It will also include a substation compound; a security office, and associated plant, infrastructure, parking, drainage and landscaping.
