AEW secures second speculative warehouse project at Fradley
AEW, one of the world’s largest real estate managers, has agreed to buy Fradley 432 at Fradley Park, near Lichfield.
It is acquiring the 431,500sq ft logistics facility from Evans Property Group. Evans will also develop the site for AEW, as part of the agreement.
Fradley 432 forms part of AEW’s recently launched £258 million develop-to-core UK logistics venture with Allianz, and follows the announcement last month to speculatively develop a 525,000sq ft logistics facility at East Midlands Distribution Centre, also part of the logistics venture.
Fradley Park Industrial Estate is an established location for warehousing distribution occupied by companies including Tesco, Geze, Newell Rubbermaid, Great Bear Distribution, DHL and Palletways and sits at the heart of the country’s motorway networ.
The new build project, due for practical completion in the first three months of 2020, will have a 100 metres yard with a clear haunch height of 15m. The single sided warehouse will be built to market leading specification with an EPC ‘A’ rating, BREEAM ‘Very Good’, electricity charging points and a rainwater harvesting system.
Evans, a privately owned property investment and development company, will begin work on site this month.
Nick Winsley, managing director at AEW UK Investment Management, said: “Evans have an excellent track record of delivering market leading developments and we are pleased to have appointed them for the development of this project, our second speculative development for the venture with Allianz."
Charles Royle, a director at AEW UK, added: “Fradley 432 is being built to the highest standard of specification, enabling an occupier to benefit from market leading sustainability features. We look forward to working with McGuiness Waddington Real Estate (MWRE) and Avison Young in securing an occupier for Fradley 432, in this supply constrained market.”
Alan Syers, director of Evans Property Group, said: “This transaction underlines the strength of Fradley Park and the location’s attraction to both investors and occupiers. We look forward to working with AEW on delivery of this facility.”