Fiera Real Estate and Wrenbridge have bought a 4.5-acre site on Limberline Road in Portsmouth to develop an industrial scheme with a GDV of £33m.
The jv is set to secure planning permission for seven industrial sheds ranging in size from 6,319 sq ft to 29,785 sq ft. The scheme will have a total area of 109,312 sq ft.
The new development will target a BREEAM Excellent and EPC A rating, featuring high-efficiency heating and cooling systems, water-saving fixtures and fittings, and PV panels fixed to all buildings.
Vail Williams acted for the vendor and CBRE for Wrenbridge, both of which are reappointed as letting agents.
Will Jarman, associate director at Wrenbridge, said: “Wrenbridge and Fiera have significant capital to deploy into the industrial and logistics sector across our key geographies, with the south coast now also firmly in focus.”
The site was purchased through the Fiera Real Estate Opportunity Fund V UK, the latest fund in FRE UK’s programmatic venture series with CBRE Investment Management.
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