June 13, 2024
Fiera Real Estate UK (“Fiera”) and Wrenbridge are pleased to announce that they have now completed two major pre-lettings at the exemplar logistics scheme, Spark in Bishop’s Stortford. The letting to Delta Display totals 114,000 sq ft, one of the largest lettings in the South East this year and represents 60% of the scheme. In addition 30,000 sq ft has also been let to a FTSE 100 business on a new 10 year lease. This takes the scheme to around 85% let 3 months ahead of PC.
Excellent ESG accreditation’s, high quality flexible space and competitive rental terms are just a few of the reasons Delta Display have relocated to Bishop’s Stortford from North London. With the urban expansion land to the south, ‘Spark’ is positioned in a prime location as well as benefiting from excellent transport links to the Bishop’s Stortford ring road, M11 and M25 and is within 15-minutes’ drive of London Stansted Airport.
Fiera and Wrenbridge secured planning at the 8.5-acre site for twelve units, in five buildings in Q4 2022. The units range in size from 2,422 sq.ft to 60,473 sq.ft and are designated for B2, B8, E(g)(ii) and E(g)(iii) uses. Specifications for the scheme include 8-12m clear internal heights, 50kN/sq m floor loading, surface level and dock level loading doors and self-contained service yards for larger units.
The scheme is targeting net zero carbon construction, BREEAM ‘Excellent’ and EPC ‘A’ rating. It will feature photovoltaic panels and energy-efficient lighting and heating and cooling systems will be installed to encourage reduced energy consumption. EV charging points and cycle parking are also in the design.
The site was purchased on behalf of Fiera Real Estate Opportunity Fund V UK (“FREOF V UK”), the fifth fund in Fiera’s £600m series which completed its final close in February 2022 with £180m of equity committed.
James Feltham, Director of Wrenbridge commented “This is an exciting letting which is a significant part of our Spark scheme. We have just exchanged another high profile letting with more in the pipeline. It feels like we have pitched unit sizes, specification and rents about right. It is a really exciting project”
Chris Button, Fund Manager at Fiera, commented “We are delighted to welcome these two businesses to our fantastic scheme. These lettings underline our confidence in the pent up demand for industrial and logistics premises in Bishops Stortford – a town which has been under supplied for many years”.