A 37-acre site at Milton Ham in Northamptonshire has been sold to private investment and development manager FirethornTrust for a rumoured £14 million.
The site, just off Junction 15a of the M1 motorway and adjacent to Prologis’ Pineham Park was formerly owned by Travis Perkins, and has detailed planning permission for a three-unit scheme totalling almost 325,000 sq ft – a standalone unit of 219,689 sq ft with 206 car spaces and 25 dock-level doors while units two and three would have 52,600 and 105,200 sq ft respectively with 59 and 55 car spaces.
FirethornTrust plans to develop out the scheme speculatively and will start on site in early 2020 with a view to delivering the first units by H1 2021.
Peter Mather, partner at FirethornTrust, said: “This deal represents a perfect maiden acquisition in the industrial sector as we look to grow our exposure to it in the future. The site will allow us to bring forward an institutional grade logistics scheme in a prime UK location.
“Despite the many headwinds in the economy we believe there are pockets of value and growth remaining in logistics – underpinned by continued occupier demand and a shortage of suitable stock.
“Equally importantly, we believe this deal demonstrates our appetite and ability to act quickly and decisively in a market paralysed by Brexit-induced indecision.”
Originally the site had a guide price of some £18 million
FirethornTrust was advised by DTRE, while the vendor, Travis Perkins, was represented by Chadwick McRae and Knight Frank.
By Liza Helps