Fiera Real Estate (FRE UK) and Wrenbridge have announced they have secured planning for a new 65,000 sq ft Grade A industrial warehouse development in Manor Royal, Crawley.
The 2.4-acre site has a Gross Development Value of £27m and was purchased in April 2022 on behalf of Fiera Real Estate Opportunity Fund V UK (FREOF V UK), the fifth fund in Fiera Real Estate’s £600m value add series. The Fund completed its final close in Q3 2022 with £180m.
The site is located within the Manor Royal Business District which is the biggest business park of the Gatwick Diamond areas and one of the South East’s premier mixed activity employment hubs. The scheme consists of three brand new, high quality mid-box units embodying first floor offices, 10m eaves height and up to 30m yard depth.
ESG has been imbedded into all stages of the design. The scheme is targeting BREEAM Excellent and EPC A rating and will also include 50% electric car charging points and roof lights to the warehouse space. Energy-efficient lighting, heating and cooling will be installed to encourage reduced energy consumption above Part L Regulations and PV panels will be fixed to all buildings.
The site is situated 1.8miles outside of the centre of Crawley, which is one of the southern M25’s main commercial centres and provides excellent access to Gatwick Airport and the South Coast. The scheme is situated in one of the strongest sub-sectors in the UK logistics market and is strategically positioned to promote fast and efficient deliveries to London and the South East.
Chris Button, Head of Value Add at FRE UK, commented “We are very pleased to have planning granted on yet another high-quality and sustainable scheme alongside our operating partner, Wrenbridge. We have immediate funding available for speculative industrial development around the UK.”
Harry Gibson, Associate Director of Wrenbridge commented “We’re delighted to have secured planning for our site in Crawley and we look forward to delivering this scheme in a market that is lacking in high-quality sustainable units of this size”.
Date Published: 03/05/2023