Forsters advises Wrenbridge on the purchase of an 8.5 acre site for the development of a new Grade A £50 million logistics scheme
Forsters has advised Wrenbridge on the purchase of an 8.5 acre site in Bishop’s Stortford for the development of a new Grade A £50 million logistics scheme.
The site was purchased on behalf of Fiera Real Estate Opportunity Fund V UK, the latest fund in Fiera Real Estate’s programmatic venture series with CBRE Global Investment Partners.
The scheme will encompass seven units across four buildings, totalling approximately 207,383 sq ft, and is targeting a BREEAM rating of “Excellent” and EPC ratings of “A.”
James Feltham, director of Wrenbridge, commented: “There is a dearth of supply in the M11 corridor and we expect this grade-A scheme to attract existing Bishop’s Stortford businesses as well as occupiers coming from London, Harlow, Cambridge and the wider area.”
Chris Button, fund manager of Fiera Real Estate, said: “Demand for industrial space has remained high during the pandemic, underpinned by robust occupational market fundamentals. We have significant funding for more speculative industrial and logistics developments in major urban locations.”
Commercial Real Estate Partner Victoria Towers advised on the deal and was assisted by Senior Associate Jade Capper, Planning Counsel Matthew Evans and Construction Senior Associate and Associate Daniel Burr and Dan Easom.