The off-market sale of a 12-acre site in Hertford has secured its redevelopment and the provision of a much-needed mid-box warehouse scheme in the supply strapped Southeast.
Investment manager BlackRock bought the Hertford Industrial Estate on Caxton Hill, Hertford and will redevelop the largely vacant industrial estate to provide modern Grade A units between 5,000ft2 – 220,000ft2.
Jonjo Lyles, partner at M1 Agency, which advised BlackRock, said: “There is a huge and well reported shortage of modern Grade A industrial and logistics space in the Southeast pushing up rent levels to a point where the redevelopment of run down obsolete stock is not only viable financially but provides the best solution for occupiers to secure modern sustainable space going forwards.”
Subject to planning and development the new units are set to be available from mid 2023. The site is located close to major transport links. The A10 is approximately 1.5miles to the east providing swift access to the M25 via junction 25 at Enfield and to the north the A10 connects to Cambridge the A14 and the Midlands.
M1 advised BlackRock on the site acquisition and will be joint letting agent with Paul Wallace on the scheme.