St Francis Group, a UK-based property development and investment group and an expert in brownfield development and regeneration has announced details of a joint venture agreement with the Richardson family.
The agreement will see the development of over 600,000 ft² of new industrial and warehouse space by the partnership in prime locations in Redditch and Kettering. Specific details of the individual locations include:
- Velocity 42. A 20-acre site at Park Farm Industrial Estate, Redditch, upon which 330,000 ft² of industrial and warehouse space will be constructed in a range of sizes from 39,000 to 141,000 ft². Work is expected to start on site in summer 2018 with practical completion during 2019.
- Cransley Park. A prime new business park development on junction 8 of the A14, Kettering upon which 270,000 ft² of industrial and warehouse space will be constructed in a range of four units from 25,000 to 100,000 ft². Work is expected to start on site in Spring 2018 with practical completion in early 2019.
As part of the agreement, St Francis has completed the sale of both sites to the Richardson family. The joint venture partnership will speculatively develop both schemes.
Both sites were originally acquired by St Francis as brownfield sites and were subsequently fully remediated by its group sister company DSM Demolition. Full planning consents have since been secured for industrial and warehouse development.
Speaking about the announcement, Gareth Williams, Development Director at St Francis Group said: “This is an exciting partnership between two like-minded businesses who are committed to developing a range of high-quality warehouse and industrial units in key strategic locations. We have invested in these sites to create development ready opportunities and now with this announcement, we will deliver much-needed space into strong regional markets where the supply is currently limited. This partnership also marks another step forward in the evolution of The St Francis Group as we continue to leverage the land-assets in our portfolio”
Mark Watkins, Director at Richardson said, “We are very pleased to be partnering with St Francis on the development of both sites which offer outstanding locations for logistics and industrial type requirements in key regional markets presently starved of supply.With the combined track record and experience of both companies, we are confident of attracting occupiers to each development opportunity and are already fielding several enquiries from prospective parties which we expect to announce details of shortly”