A joint venture of Wrenbridge and Bridges Fund Management (Bridges) has secured planning to deliver up to 700,000 sq ft (65,000 m2) of prime logistics space across three sites in Basingstoke, Stevenage and Aylesford, UK.
In Basingstoke and Stevenage, Wrenbridge & Bridges have teamed up with GLP to deliver two substantial and highly sustainable warehouse/logistics schemes.
In Basingstoke, the partners will be developing a single unit of 209,461 sq ft; while in Stevenage, they will be building circa 205,560 sq ft over three units: the largest of 106,531 sq ft unit, one of 73,593 sq ft unit and another of 25,736 sq ft. The 106,531 sq ft unit in Stevenage has been pre-let to Bunzl, a FTSE 100 company, on a new 10-year lease.
Planning has now been achieved on both sites; works have already commenced at Stevenage and will shortly commence in Basingstoke. Both are due to PC in 2023.
These will be two of the most sustainable logistics schemes in the UK – both will be Net Zero Carbon and Exemplar ESG, targeting BREEAM Excellent and EPC A+.
Letting agents on the Stevenage scheme are Avison Young, Braiser Freeths and CBRE. Agents on the Basingstoke scheme are Hollis Hockley, Burbage Realty and CBRE. Galbraith represented Bunzl. Savills acted on behalf of GLP.
The third site, in Aylesford, achieved planning during the summer for 300,000 sq ft across 6 units in a prime location on Junction 5 of the M20. This will be the most sustainable scheme in Kent, again targeting BREEAM Excellent and EPC A+.
Building works are due to start at the end of the year to deliver all units in one phase ranging from 13,691 sq ft to 110,557 sq ft. Letting agents on the Aylesford Scheme are CBRE, Glenny and Altus.
Ben Coles, Chief Executive of Wrenbridge, said: ‘Working with our partners, Bridges, we are excited about developing these schemes and working with GLP to deliver best-in-class product backed up by a pre-let to Bunzl in Stevenage. The proximity to the motorway connections is unrivalled.’
Henry Pepper, partner of Bridges Fund Management, said: ‘At Bridges we are committed to delivering some of the most sustainable industrial schemes in the UK – not only because it reduces emissions and supports the transition to Net Zero, but also because it makes the buildings more attractive to potential occupiers. The strong interest we are already seeing in Stevenage is testament to that.’
Bruce Topley, managing director UK of GLP, said: ‘We are pleased to partner with Wrenbridge and Bridges Fund Management to fund these two high quality logistics schemes. Basingstoke and Stevenage are highly complementary to our existing portfolio and we look forward to welcoming Bunzl to our customer base.’