Bridges and Wrenbridge clinch funding deal with logistics giant for £100m projects

Bridges Fund Management and Wrenbridge have secured a funding deal with GLP for two projects in Basingstoke and Stevenage, React News can reveal.

The schemes will provide combined space of 415,201 sq ft and are thought to have an end value in the region of £100m.

In Basingstoke the project will be made up of a single unit of 209,461 sq ft, while the Stevenage project is made up of three units of 106,531 sq ft, 73,593 sq ft and 25,736 sq ft. The largest of the Stevenage units has been prelet to Bunzl, a distributor and outsourcing firm, on a 10-year lease.

Planning has been achieved on both projects with completion across the schemes due next year.

According to the developers, the projects will be two of the most sustainable logistics schemes in the UK, both with net zero carbon and targeting BREEAM Excellent and EPC A+.

Bridges and Wrenbridge have also gained consent for a separate 288,000 sq ft project in Aylesford. Spread across six units, the project is located on Junction 5 of the M20. Works are due to start at the end of the year, with the buildings – which range from 13,691 sq ft to 110,557 sq ft – due to be developed in one phase.

The developers will also target BREEAM Excellent and an EPC A+ rating for the Aylesford project, which they hope to achieve through PV panels, air source pumps, green roofs, electric vehicle charging and cycle shelters.

“Ben Coles, chief executive of Wrenbridge, said: “Working with our partners, Bridges, we are excited about developing these schemes and working with GLP to deliver best-in-class product backed up by a prelet to Bunzl in Stevenage. The proximity to the motorway connections is unrivalled.”

Henry Pepper, partner at Bridges, added: “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.“

Bruce Topley, managing director UK at GLP, said: “We are pleased to partner with Wrenbridge and Bridges Fund Management to fund these two high-quality logistics schemes. Basingstoke and Stevenage are highly complementary to our existing portfolio and we look forward to welcoming Bunzl to our customer base.”

Savills acted for GLP. Avison Young, Brasier Freeth and CBRE have been appointed letting agents in Stevenage. Hollis Hockley, Burbage Realty and CBRE have been appointed letting agents in Basingstoke. CBRE, Glenny and Altus have been appointed letting agents in Aylesford.