June 26, 2018
On behalf of Palmer Capital Development Fund IV (PCDFIV), a programmatic venture between CBRE Global Investment Partners (GIP) and Palmer Capital, Wrenbridge have entered into a joint venture with the landowner to deliver a new £35 million speculative warehouse development in Basildon, subject to planning. A planning application will be submitted in July 2018.
Jeff Wilson, Director at Wrenbridge commented: “This is an exciting and innovative deal with the existing owner of the site where we are planning to speculatively deliver a three-unit scheme of 223,000 sq ft. The detached units will be 90,000 sq ft, 61,000 sq ft and 72,000 sq ft.”
The units will have generous loading yards, parking provision and specification. Agents CBRE, Glenny and Avison Young have been appointed. The scheme is due completion by the end of 2019.
This project adds to Wrenbridge’s pipeline of high quality speculative warehouse projects. Wrenbridge are planning to deliver 1,084,000 sq ft of new warehouse space in 2018/2019.
Chris Button, Director & Head of Value Add REIM at Palmer Capital commented: “We are delighted to secure another prime south-east warehouse development deal with Wrenbridge, and look forward to delivering a high quality product into a market with high tenant demand.”
Alex Bignell, Region Head of UK, CBRE Global Investment Partners said: “We are pleased to be supporting Wrenbridge in a further warehouse development, with this transaction following a successful project at Belvedere, Kent. We believe in the fundamentals of the south east [industrial] logistics market”
Link to article: https://bit.ly/2KmmURr