HomeBusinessNew jv to provide 600,000 square centimeter of Midlands industrial space
New jv to provide 600,000 square centimeter of Midlands industrial space
April 27, 2019
St Francis Group, the UK-based property development and investment group, has announced details of a joint venture agreement while using Richardson family.
The agreement will discover the introduction of over 600,000 sq ft of recent industrial and warehouse space by way of the partnership in Redditch and Kettering. Specific information of the average person locations includes:
C Velocity 42. A 20-acre site at Park Farm Industrial Estate, Redditch, on which 330,000 feet square of commercial and warehouse space might be constructed within a choice of sizes from 39,000 to 141,000 square feet. Effort is anticipated to begin site in summer 2018 with practical completion during 2019.
C Cransley Park. A primary start up business park development on junction 8 on the A14, Kettering where 270,000 square feet of industrial and warehouse space will likely be constructed inside a choice of four units from 25,000 to 100,000 square feet. Work is likely start site in Spring 2018 with practical completion at the beginning of 2019.
As the main agreement St Francis has completed the sale of both sites to the Richardson family. The jv partnership will speculatively develop both schemes.
Both sites were originally acquired by St Francis as brownfield sites and were subsequently fully remediated by its group sister company DSM Demolition. Full planning consents have since been secured for industrial and warehouse development.
Gareth Williams, development director at St Francis Group, said: “This is undoubtedly an exciting partnership between two likeminded businesses that happen to be committed to building a selection of premium quality warehouse and industrial units in key strategic locations.
“We have committed to these web sites to make development ready opportunities and already with this particular announcement we will deliver much-needed space into strong regional markets when the supply is actually limited. This partnership also marks another step forward inside evolution of The St Francis Group since we always leverage the land-assets in our portfolio.”
Mark Watkins director at Richardson, said: “We are quite willing to be partnering with St Francis for the expansion of both sites which offer outstanding locations for logistics and industrial type requirements in key regional markets presently starved of supply.
“With the combined historical past and experience with both companies we’ve been confident of attracting occupiers to every single development opportunity and are also already fielding several enquiries from prospective parties which we be prepared to announce information shortly.”