Fiera Real Estate and Wrenbridge have bought a 14.8-acre site in Heathrow, West London, from Stonegate Homes for a circa £60m GDV urban logistics scheme.
The joint venture seeks to obtain planning approval for a speculatively-built logistics scheme, measuring 110,570 sq ft. It will consist of three facilities ranging from 22,131 sq ft to 58,127 sq ft.
Each facility will provide 12m eaves, dock and level access doors, 50kn floor loading, and 10-15% office content. The scheme will target EPC A+, net-zero carbon construction and BREEAM Excellent ratings.
The site is located on Staines Road. The jv cited “robust demand” for the proposed unit sizes and “hugely constrained supply” on the back of land availability and greenbelt designations in the local area.
The deal represents the fourth acquisition for the Fiera Real Estate Logistics Development Fund UK, which has around £200m to deploy into similar logistics sites.
Fiera Real Estate fund manager Chris Button said: “The scheme will make a strong contribution to the local economy, boosting local jobs.
“We are keen for more high calibre sites for the portfolio to satisfy the capital we have to deploy.”
Jeff Wilson, director of Wrenbridge, said the scheme would “create best in class space for a range of occupiers”.
Fiera and Wrenbridge were advised by Regency Real Estate and Avison Young.
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