Nuveen Real Estate has agreed to forward fund the spec development of a new 121,230 sq ft industrial scheme in Braintree, Essex.
‘Eos’, which forms part of the Horizon 120 business park developed by Marshgate Group, will offer nine units ranging from circa 8,000 sq ft to 20,000 sq ft.
Marshgate Group, which has designed the scheme to achieve an EPC rating of A and BREEAM Very Good, signed a building contract with Readie Construction, which is already on site, with practical completion due in April next year.
David Warburton, managing director of Marshgate Group, said: “We are delighted with the progress made at Horizon 120 over the last two years. The early infrastructure investment which created arguably the largest strategic business park in north Essex, is now reaping rewards.
“Securing speculative development funding from Nuveen & CBREIM for the construction of two new multi let estates totalling circa 280,000 sq ft, as well as the recent CareCo, British Off Site and Essex Xray occupier deals, are testimony to the success of this major development project so far.”
James Ellis, director of Nuveen Real Estate, added: “The Eos development displays some of our key investment fundamentals for our logistics strategies. With a best in class, highly sustainable ESG driven build specification, the asset will cater to the strong demand from occupational markets, in a location with very restricted supply. The UK is a key focus market for our strategies and it’s a pleasure to be working with Marshgate Group on this exciting new scheme.”
Knight Frank and Coke Gearing acted for Marshgate Group and TTG acted for Nuveen.
