A joint venture (JV) between property developer Wrenbridge and Bridges Fund Management has secured planning permission to develop 700,000 sq ft of net-zero carbon logistics space.
The JV will develop three net-zero carbon prime logistics spaces in the south-east on sites in Basingstoke, Aylesford and Stevenage. For the Stevenage and Basingstoke sites, the JV has teamed up with the global investment company, GLP, to develop two sustainable warehouse/logistic schemes.
The partners will develop one 209,461 sq ft unit on the Basingstoke site, and three units in Stevenage totalling 205,560 sq ft, the largest of which is 106,531 sq ft and has been pre-let to distribution and services company Bunzl on a 10-year-lease.
The Aylesford site, off Junction five of the M20, has received planning permission for 300,000 sq ft across six units. This site will be the most sustainable scheme in Kent, targeting BREEAM Excellent and EPA A+ ratings.
Wrenbridge chief executive Ben Coles said: “We are excited about developing these schemes and working with GLP to deliver a best-in-class product backed by a pre-let to Bunzl in Stevenage.”
The sites in Basingstoke and Stevenage will both be built to net-zero carbon and Exemplar ESG specifications, with targets to also achieve BREEAM Excellent and EPC A+ ratings.
The Aylesford site will include over 64,583 sq ft of solar panels and air source heat pumps, and is expected to avert over 500 tonnes of CO2 emissions, while reducing tenants’ energy bills by at least £200,000 per year.
Work has already started at the Stevenage site, while building work at Aylesford will start at the end of the year.
Bridges Fund Management partner Henry Pepper said: “At Bridges, we are committed to delivering some of the most sustainable industrial schemes in the UK – not only because it reduces emissions and supports the transition to net zero, but also because it makes the buildings more attractive to potential occupiers. The strong interest we are already seeing in Stevenage is testament to that.”
GLP UK managing director Bruce Topley added: “We are pleased to partner with Wrenbridge and Bridges Fund Management to fund these two high-quality logistics schemes in Basingstoke and Stevenage.”