Developer Terrace Hill has scored a double on the distribution front in the last few weeks; in a joint venture with Stoford Developments it has secured a prime development site in the West Midlands and has also won planning consent for a 9,893 sq m (106,550 sq ft) scheme in East Sussex.
The company paid more than £1m per ha for a 4.9ha (12.2 acre) site in Redditch with consent to develop a 21.088 sq m (227,000 sq ft) high bay warehouse. Work on site is due to commence in March with completion scheduled for October 2006. Letting agents for the scheme are Savills, GVA Grimley and North Rae Sanders.
Meanwhile work is due to start on the Eastbourne scheme shortly with completion in December. Stiles Harold Williams and Jones Lang LaSalle are joint letting agents.