Fiera Real Estate and Wrenbridge are set to develop a £50m logistics scheme in Bishops’s Stortford, after buying an 8.5 acre site in the town.
The site already has outline planning consent, secured by master developer Countryside Properties. It was acquired for around £10m on behalf of Fiera Real Estate Opportunity Fund V UK, the latest fund in Fiera Real Estate’s programmatic venture series with CBRE Global Investment Partners.
The site is the eighth acquisition for the fund, bringing the total amount committed to more than £100m.
FRE UK and Wrenbridge will develop a 207,383 sq ft scheme across seven units, in four buildings.
These will range from 12,357 sq ft to 62,863 sq ft. Specifications will include 10-12m clear internal heights, surface level and dock level loading doors and self-contained service yards for larger facilities. Offices will account for 10% of the scheme.
James Feltham, director of Wrenbridge, said: “There is a dearth of supply in the M11 corridor and we expect this grade-A scheme to attract existing Bishop’s Stortford businesses as well as occupiers coming from London, Harlow, Cambridge and the wider area.”
Chris Button, fund manager of Fiera Real Estate, said: “Demand for industrial space has remained high during the pandemic, underpinned by robust occupational market fundamentals. We have significant funding for more speculative industrial and logistics developments in major urban locations.”
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