LondonMetric Property has acquired the 40-acre Bedford Link site close to junction 13 of the M1 ahead of a 670,000 sq ft logistics development.
The deal with the local authority owners puts LondonMetric in control of the site on the A421 next to Marsh Leys Business Park, a well-established distribution location where LondonMetric owns an Argos warehouse and other occupiers include Sainsbury’s and Asda.
LondonMetric is engaged in active occupier discussions to develop up to four regional distribution warehouses at a total anticipated cost of £60 million delivering a yield of c7%.
Graftongate has been appointed as Development Manager with enabling works due to commence shortly, and construction anticipated to start in summer 2018.
Andrew Jones, Chief Executive of LondonMetric, commented: “The supply of Grade “A” distribution space remains highly constrained, which is reflected in the quality of our ongoing discussions with potential occupiers.”
LondonMetric was advised by DTRE and Graftongate.