Fiera Real Estate and Wrenbridge have completed the off-market acquisition of a 14.8-acre site in Heathrow, West London, from Stonegate Homes, on which they intend 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.
The partners are targeting an EPC A+ rating, BREEAM Excellent and net zero carbon in construction for the development, which is situated on Staines Road and benefits from easy access to the M4, M3 and M25.
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, added: “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.
