BlackRock Real Estate and development partner Bericote are to build three speculative industrial units covering 280,000 sq ft at Tower Thurrock in West Thurrock, Essex.
The units of between 50,000 sq ft and 128,000 sq ft will be available for occupation later this year.
BlackRock UK Property Fund portfolio manager Paul Tebbit said: “Whilst speculative development may be considered new ground for BlackRock, we are convinced that the acute lack of supply in the area will drive leasing of this scheme, which is designed specifically to satisfy prevailing occupier demand.”
Bericote finance director Alan Stainforth said: “We are reaffirming current market sentiment with regard to speculative development in key locations; Tower Thurrock presents the perfect opportunity to deliver product to the market in an area with very little choice for occupiers.”
CBRE and Altus Edwin Hill will be joint letting agents.
chris.berkin@estatesgazette.com
