Fiera Real Estate and Wrenbridge have secured planning permission for a circa 190,000 sq ft logistics, manufacturing and R&D scheme in Bishop’s Stortford, Herts.
The Spark scheme comprises 12 facilities within five buildings on an 8.5-acre site. Spaces will range from 2,422 sq ft to 60,473 sq ft and are designated for B2, B8, E(g)(ii) and E(g)(iii) uses.
Specifications for the new scheme include 8-12m clear internal heights, floor-loading, surface-level and dock-level loading doors and self-contained service yards for larger units.
The scheme will be targeting net zero carbon construction, BREEAM Excellent and EPC A ratings. It will feature photovoltaic panels and energy-efficient lighting and heating and cooling systems will be installed to encourage reduced energy consumption. EV charging points and cycle parking are also included.
FRE UK bought the site on behalf of Fiera Real Estate Opportunity Fund V UK, the fifth fund in its programmatic venture series with CBRE Global Investment Partners. The fund completed its final close in February with £180m of equity committed.
Spark is situated on an area of urban expansion land to the south of the town which is being redeveloped for 750 new homes, schools, a local centre and employment space. It has transport links to the Bishop’s Stortford ring road, M11 and wider road network.
James Feltham, director of Wrenbridge, said: “We have worked hard with the local planning authority and consultees to secure consent for this high-quality scheme which is designed to meet the needs of local, regional and national businesses in the Bishop’s Stortford and wider M11 market.
“Vacancy rates are at a record low and demand is very strong for what will be one of the first speculatively developed schemes in this market for several years. We are looking forward to starting on site later this year to deliver the scheme.”
Chris Button, fund manager of Fiera Real Estate, said the scheme “will help to fill the dearth of supply of grade-A logistics in the M11 corridor”, adding: “We have significant funding for more speculative industrial and logistics developments in major urban locations.”
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