Wrenbridge, on behalf of the Palmer Capital Development Fund IV and a landowner in Basildon, has entered into a joint venture to deliver a new £35m speculative warehouse development.
The Palmer Capital Development Fund IV is a venture between CBRE Global Investment Partners and Palmer Capital.
A planning application for the 223,000 sq ft scheme is to be submitted next month and, subject to planning approval, the shed is expected to be completed by the end of next year.
CBRE, Glenny and Avison Young have been appointed.
This project adds to Wrenbridge’s pipeline of speculative warehouse development, from which it expects to deliver more than 1m sq ft of new warehouse space by the end of 2019.
Jeff Wilson, director at Wrenbridge, said: “We are planning to speculatively deliver a three-unit scheme of 223,000 sq ft. The detached units will be 90,000 sq ft, 61,000 sq ft and 72,000 sq ft.”
Alex Bignell, regional head of UK at CBRE Global Investment Partners, added: “We are pleased to be supporting Wrenbridge in a further warehouse development with this transaction following a successful project at Belvedere, Kent. We believe in the fundamentals of the South East logistics market”
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