Fiera Real Estate and Wrenbridge have completed the off-market acquisition of a 14.8-acre site in Heathrow from Stonegate Homes.
The site was acquired with the intention to speculatively develop an urban logistics scheme with a GDV of circa £60m.
The joint venture partners intend to obtain planning permission and speculatively build a 110,570 sq ft logistics scheme on the site, comprising three units ranging from 22,131 sq ft to 58,127 sq ft.
Chris Button, fund manager of Fiera Real Estate, said: “We are delighted to be delivering much-needed, sustainable high-quality urban warehousing to local area. The scheme will make a strong contribution to the local economy boosting local jobs. We are keen for more high calibre sites for the portfolio to satisfy the capital we have to deploy.”
Jeff Wilson, director of Wrenbridge, said: “We are excited to announce our latest prime logistics acquisition and push ahead with delivering a highly sustainable scheme with Fiera, which is designed to push the bar and create best-in-class space for a range of occupiers.”
Fiera and Wrenbridge were advised by Regency Real Estate and Avison Young.
© London West (powered by ukpropertyforums.com).
Sign up to receive our weekly free journal, The Forum here.