Wrenbridge and Fiera Real Estate (“Fiera”) are pleased to announce the acquisition of a 2.6 acre site on Britannia Road, Waltham Cross. The business plan is to speculatively develop a mid-box urban logistics unit with a GDV of c.£25m.
This represents the sixth acquisition for the Fiera Real Estate Logistics Development Fund UK (“FRELD”) which has a further c.£200m to deploy into similar logistics sites across the UK.
The strategy is to obtain planning and speculatively build a 60,473 sqft logistics scheme comprising a first floor office at 5,802 sq ft and first floor mezzanine at 6,405 sq ft. The unit will have 12m eaves, dock and level access doors, 50kn floor loading, and 11% office content. As with all assets in FRELD’s portfolio, the scheme will be targeting an ESG exemplar specification to include EPC A+, Net Zero Carbon construction and BREEAM Excellent rating.
The site is situated on a well-established industrial estate on Britannia Road, a strategic North London location only two miles from Junction 25 of the M25. The site also benefits from being within a 5-minute walk of Waltham Cross train station, providing regular access into Central London. There is strong demand for the proposed mid-box development with evidence of new headline rents being set.
Chris Button, Fund Manager of Fiera Real Estate, commented “This prime site represents the sixth acquisition for FRELD and adds to the exciting portfolio we are developing for our institutional investors. We have significant further cash resources to buy 3–25-acre sites for the speculative industrial and logistics development in all regions of the UK”
Harry Gibson, Associate Director of Wrenbridge, commented “We’re delighted Fiera have backed us on another prime south east logistics site this year. This takes our tally for 2023 to five deals with a value of £225m. This is our third deal locally and we look forward to preparing a planning application in the new year to be on site as soon as possible.”