Fiera Real Estate and Wrenbridge will push ahead with the delivery of an industrial development in Bishop’s Stortford, Hertfordshire, after securing a £19m loan with Alpha Property Lending.
The new development facility will help the joint venture to part fund the speculative construction of the Spark, a £50m logistics, manufacturing, research and development scheme.
The project secured planning approval in October last year, with completion scheduled in December this year.
Ground works have already been completed, with Readie Construction appointed as the main contractor.
The Spark will span 12 facilities within five buildings on an 8.5-acre site. The industrial spaces will range in size from 2,422 sq ft to 60,473 sq ft, with the total project measuring around 189,536 sq ft.
Fiera Real Estate fund manager Chris Button said: “The scheme will help to fill the dearth of supply of grade-A logistics in the M11 corridor.”
Brotherton and Forsters acted for Fiera and Wrenbridge on the financing facility. Coke Gearing and CBRE are the leasing agents on the scheme.
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