Bridges Fund Management and Wrenbridge have acquired a prime 6.5-acre logistics site in Letchworth, Hertfordshire, from Tesco and Letchworth Garden City Heritage Foundation for an undisclosed price.
The joint venture partners intend to build a 130,000 sq ft logistics hub with a GDV of £50m on the site. The scheme will comprise three EPC A+ and net zero carbon in operation units.
Harry Gibson, director of Wrenbridge, said: “This acquisition marks our fifth purchase with Bridges, and we continue to seek more opportunities. We are excited to bring forward another high-quality, sustainable industrial scheme that will enhance local economic growth and provide best-in-class space for businesses in an undersupplied market.
“We look forward to delivering another highly sustainable industrial/logistics scheme on this redundant, brownfield employment site. The development will help support employment growth in this well-established industrial location”.
Henry Pepper, partner at Bridges, added: “This will be one of the most sustainable industrial developments in the UK. From our previous partnerships with Wrenbridge and more broadly in the logistics sector, we have seen that there is a strong demand from occupiers for highly sustainable Grade A units like these, which help reduce both operating costs and carbon emissions. Transforming this vacant site will also bring jobs and growth to the local economy.”
Graham Fisher, CEO at Letchworth Garden City Heritage Foundation, said: “A core part of the foundation’s strategy is to work with our partners to attract new investors to the town and realise regeneration opportunities and nurture economic growth. We’re pleased that Wrenbridge and Bridges have chosen to invest in the heart of our industrial area and share our optimistic outlook for the growth of the town.
“We’re excited to see this high quality and sustainable redevelopment and the employment opportunities it will bring, all of which contribute to our strategic placemaking vision for Letchworth Garden City.”
JLL represented Tesco and Kirkby Diamond and Clarke Willmott represented Letchworth Garden City Heritage Foundation. Savills represented Wrenbridge.
