Former Prologis Kingspark employees Steve Ferris and Richard Saint have set up Astral Developments.
Astral is believed to be aggressively searching for development sites in the Midlands and South East. The first of these could be Farrer Estates’ 3.2ha (eight acres) Bromford Lane site in Birmingham, where Astral is tipped to top the list of rival bidders.
Local agents believe the freehold of the site in Birmingham will achieve around £3m. Astral’s co-founder Steve Ferris said: “We’re in the lead position, but we’ve not done a deal yet. We’re one of a number of developers vying for the site.”
Bromford Lane is adjacent to junctions five and six of the M6 and has 5,574 sq m (60,000 sq ft) of existing building, with tenants including Datapost, Fiege Merlin and Lynx.
A decision is expected by the end of June. Fuller Peiser is representing Astral, while Peter Bingham & Co is acting for Ferrer Estates.
EGi News 13/06/00
