Norwich Union is forward funding Easter Development Group’s £7m Libra scheme, a speculative industrial development in Milton Keynes.
Easter is developing the 10,404 sq m (112,000 sq ft) four unit property on a 2.83ha (7 acre) site in the town’s Kingston district. It bought the site from the Commission for New Towns for a figure close to the quoting value of £815,000 per ha (£330,000 per acre).
Libra will be built close to existing occupiers including Polygram, Amway and Hays Distribution. The four sheds will be between 1,625 sq m (17,500 sq ft) and 3,716 sq m (40,000 sq ft). Letting agents Downer Duff are quoting £59.20 per sq m (£5.50 per sq ft).
DTZ Debenham Thorpe represented CNT in the land sale. Hoddell Stotesbury acted for Easter Development Group.
EGi News 04/06/97
