Savills Investment Management has completed the acquisition of five industrial warehouse buildings at Treatt Buildings, Northern Way Industrial Estate, Bury St Edmunds for £5.25 million (£833k per acre).
The Northern Way Industrial Estate is located in an established industrial area of Bury St Edmunds and benefits from easy access to the A14, possessing a mix of industrial / warehouse units, car showrooms and trade counter occupiers. Neighbouring occupiers include Chassis Cab, Mercedes Benz, Travis Perkins, Volkswagen and Speedy Hire.
The units on the 105,000 sq. ft. site are spread across 6.3 acres and scheduled for redevelopment as high-quality industrial units ranging in size from 7,000 sq. ft to 52,000 sq. ft. The first phase of the redevelopment is expected to be completed in Q3 2023 with final completion in Q3 2024. The redevelopment will improve site density by 50% and provide a mix of unit sizes to suit the target market whilst improving the quality of the real estate.
The proposed development will also be targeted to achieve an EPC A rating, BREEAM Excellent and will be a Net Zero Carbon project.
Savills IM are working with developer, Top Road to deliver the new buildings. Top Road’s Development Director, William Jewson says: “We are delighted to be working with Savills IM as their development managers on delivering new, thoughtfully designed and well specified buildings at Northern Way.”
Jo Buckley, Associate Director, Savills IM, adds: “Investor demand and confidence in the industrial sector remains strong, and the Northern Way Industrial Estate benefits from being in an established, well-connected location and a rich blend of occupiers. The redevelopment project will result in the warehouse units not only becoming more operationally effective but moreover, uphold the highest environmental standards.”
The development to be known as Northern Quarter is being marketed by Bidwells and Merrifields. Pre-let enquiries are welcome.