Forsters advises Wrenbridge on behalf of Fiera Real Estate on the acquisition of a logistics site in Dartford with plans to develop a new 40,000 sq ft scheme with a GDV of £12 million
Forsters has advised Wrenbridge on behalf of Fiera Real Estate on the purchase of a new site in Dartford for £3.9 million. The new 40,000 sq. ft scheme will comprise two warehouse units and 40 car parking spaces and has a GDV of circa £12 million.
Sustainability and environmental considerations have been at the forefront of the design of the new development. The BREEAM Excellent and EPC A scheme will include electric charging points, PVs and rooflights for the warehouse space. Heating and cooling will be installed to encourage reduced energy consumption and where possible the development will use low emitting or low embedded carbon materials.
There are plans to submit a planning application in April for the demolition of the existing car showroom building and the construction of two new units which will be ready for occupation in Q2 2022.
Ben Coles, Chief Executive of Wrenbridge commented "We are delighted to have secured another key acquisition with Fiera and with the support of Forsters. We will be delivering a Grade A logistics scheme with superb sustainability credentials, which will create jobs for the local economy and help to fill the gap in the lack of existing Grade A supply in the area.”
Chris Button, Fund Manager of Fiera Real Estate, commented “We are delighted to have secured a key acquisition for FREOF V, bringing the total committed to £100 million. Investment demand for logistics assets has been resilient throughout the pandemic and we have significant funding for more speculative industrial & logistics developments in major urban locations.”
Commercial Real Estate Partner Victoria Towers advised on the deal and was assisted by Associate Alexandra Ringrose.