£50m logistics centre for new Bishop's Stortford South estate St James' Park
A £50 million logistics scheme is set to create 1,000 jobs at the heart of developer Countryside's new Bishop's Stortford South housing estate, St James' Park.
Fiera Real Estate (FRE UK) and Wrenbridge have announced the £10m acquisition of an 8.5-acre (3.44-hectare) site designated as part of the 750-home development's employment area.
They are planning a 19,266 sq m (207,383 sq ft) scheme consisting of seven units in four buildings which will range in size from 1,148 sq m (12,357 sq ft) to 5,840 sq m (62,863 sq ft).
The scheme will include 10% office space and a range of sustainable features is proposed, including photovoltaic panels and energy-efficient lighting, heating and cooling. Electric vehicle charging points and cycle parking are also included.
Wrenbridge director James Feltham said: "We've been working on bringing this site forward for a number of months and are excited to kick-start the project.
"There is a dearth of supply in the M11 corridor and we expect this grade A scheme to attract existing Bishop's Stortford businesses as well as occupiers coming from London, Harlow, Cambridge and the wider area."
Chris Button, fund manager of Fiera Real Estate, added: "Demand for industrial space has remained high during the pandemic, underpinned by robust occupational market fundamentals. We have significant funding for more speculative industrial and logistics developments in major urban locations."
Once complete, St James' Park – which is bordered by Whittington Way, London Road, St James' Way and Obrey Way – will be a mixed-use development of 750 homes, a care home, employment space, a primary school, the relocated Bishop's Stortford High School and a neighbourhood centre with shopping facilities.
Named after Thorley parish's grade I listed St James the Great Church, the estate's initial phase – planning permission for which was granted in December 2019 – will include the first 142 houses to be built.