Property development firm LondonMetric Property has acquired a 40-acre site at Bedford Link site in England, UK to develop a logistics park.
Located on the A421 next to Marsh Leys Business Park, the land parcel has planning consent for up to 670,000 sq ft of logistics space.
The acquirer is already engaged in active occupier discussions to develop up to four regional distribution warehouses with an estimated investment of £60m
LondonMetric has selected private real estate company Graftongate as the development manager with enabling works due to start soon, while construction is expected to begin in summer 2018.
LondonMetric CEO Andrew Jones said: “We are pleased to be in a position to commence infrastructure works, reinvesting proceeds from our recent disposals.
“We are still unlocking value within this area of the market and will continue to target yields on cost materially above current investment yields.
“The supply of Grade “A” distribution space remains highly constrained, which is reflected in the quality of our ongoing discussions with potential occupiers.”