Eden Park Developments is spec-building a £15m warehouse on Staffordshire’s Centrum 100 business park, in a joint venture with Northridge Capital.
The Fiducia Group subsidiary has bought 11.45 acres on the mixed-use site, near the A38 in Burton-on-Trent.
Eden’s managing director, Paul Bagshaw, says work will begin shortly on the 210,000 sq ft First Point warehouse, with completion due next spring.
“We believe this will be the first of many joint ventures with Northridge.
“It’s quite unusual to get funding for a spec scheme of this nature and shows Northridge has strong confidence in the market,” he said.
Northridge’s investment director, John Yeend, says his company is eager to back developers in spec schemes if the demand is evident.
Both companies expect First Point to appeal to distribution companies looking to access the A38 corridor to the motorway network.
The £8m build contract has been awarded to Cleggs Construction.
Bagshaw expects the space to be let on a leasehold basis at £4.95 psf, but is also willing to consider a sale.
References: EGi News 06/09/05
