AEW, one of the world’s largest real estate managers, today announces it has agreed to buy Fradley 432, at Fradley Park in Lichfield, a 431,500sq ft logistics facility in the prime Midlands market, from Evans Property Group. Evans will also develop the site for AEW, as part of the agreement.
Fradley 432 forms part of AEW’s recently launched €290m develop-to-core UK logistics venture with Allianz, and follows the announcement last month to speculatively develop a 525,000sq ft logistics facility at East Midlands Distribution Centre, also part of the logistics venture.
Fradley Park Industrial Estate is an established location for warehousing distribution occupied by companies including Tesco, Geze, Newell Rubbermaid, Great Bear Distribution, DHL and Palletways and sits at the heart of the country’s motorway network being 4.5 miles from T4 and T5 of M6 Toll Road. Located on the A38, it has excellent access to the M1, M42, M40, M6 and A50 and is close to both Birmingham International and East Midlands airports.
Due for practical completion in Q1 2020, the proposed new-build project will have a 100m yard with a clear haunch height of 15m. The single sided warehouse will be built to market leading specification with an EPC ‘A’ rating, BREEAM ‘Very Good’, electricity charging points and a rainwater harvesting system.
Evans, a privately owned property investment and development company, will begin work on site this month with practical completion due in Spring 2020.
Nick Winsley, Managing Director at AEW UK Investment Management commented: “Evans have an excellent track record of delivering market leading developments and we are pleased to have appointed them for the development of this project, our second speculative development for the venture with Allianz”.
Charles Royle, Director, AEW UK said: “Fradley 432 is being built to the highest standard of specification, enabling an occupier to benefit from market leading sustainability features. We look forward to working with McGuiness Waddington Real Estate (MWRE) and Avison Young in securing an occupier for Fradley 432, in this supply constrained market.”
Alan Syers, Director, Evans Property Group said: “This transaction underlines the strength of Fradley Park and the location’s attraction to both investors and occupiers. We look forward to working with AEW on delivery of this facility.”
AEW has appointed McGuiness Waddington Real Estate and Avision Young as joint letting agents for Fradley 435, whilst Franck-Steier Price acted for AEW on the acquisition.