A joint venture between Wrenbridge and Bridges Fund Management has secured planning to deliver up to 700,000 sq ft of prime logistics space across three sites in the South East, as well as a funding deal with GLP on two of those locations.
The sites are in Basingstoke, Stevenage and Aylesford. GLP has bought the sites in Basingstoke and Stevenage.
In Basingstoke, the partners will be developing a single facility of 209,461 sq ft.
The development in Stevenage will consist of around 205,560 sq ft over three facilities, measuring 106,531 sq ft, 73,593 sq ft and 25,736 sq ft. The largest has been prelet to FTSE 100 company Bunzl on a 10-year lease.
The Aylesford site achieved planning during the summer for 300,000 sq ft across six facilities, located on Junction 5 of the M20. Each space will range from 13,691 sq ft to 110,557 sq ft.
The developers are targeting BREEAM Excellent and EPC A+ ratings for the three schemes, with the Aylesford scheme expected to become the most sustainable scheme in Kent. Works have already begun at Stevenage and will shortly commence in Basingstoke. Both are due to complete in 2023.
Ben Coles, chief executive of Wrenbridge, said the scheme’s “proximity to motorway connections is unrivalled”.
Henry Pepper, partner of Bridges Fund Management, said: “At Bridges we are committed to delivering some of the most sustainable industrial schemes in the UK – not only because it reduces emissions and supports the transition to net zero, but also because it makes the buildings more attractive to potential occupiers. The strong interest we are already seeing in Stevenage is testament to that.”
Bruce Topley, managing director UK of GLP, said: “Basingstoke and Stevenage are highly complementary to our existing portfolio and we look forward to welcoming Bunzl to our customer base.”
David Mansfield, managing director of Lightning Packaging Supplies, a trading division of Bunzl Retail and Healthcare, said the Lightning Packaging business will be consolidated from multiple locations into “one bespoke building”.
He added: “The new facility will further improve our service levels to our customers and create the opportunity to grow the business with the additional capacity the new site delivers.”
Avison Young, Braiser Freeths and CBRE are the letting agents on the Stevenage scheme. Agents on the Basingstoke site are Hollis Hockley, Burbage Realty and CBRE. Galbraith represented Bunzl, while Savills acted on behalf of GLP.
CBRE, Glenny and Altus are the letting agents on the Aylesford scheme.
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