Spec development sparked by new joint venture

A tie up between two property and investment groups has sparked speculative development totalling more than 600,000 sq ft.

St Francis Group has entered a joint venture agreement with the Richardson family, with the agreement seeing the development of over 600,000 sq ft of new industrial and warehouse space by the partnership in Redditch and Kettering.

A 20-acre site at Park Farm Industrial Estate, Redditch, known as Velocity 42 will see the speculative development of 330,000 sq ft of industrial and warehouse space in a range of sizes from 39,000 to 141,000 sq ft. Work is expected to start on site in summer 2018 with practical completion during 2019.

A prime new business park development to be known as Cransley Park, Kettering will see 270,000 sq ft of space in a range of four units from 25,000 to 100,000 sq ft. Work is expected to start on site in Spring 2018 with practical completion in early 2019.

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: “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.”