Fiera Real Estate and Wrenbridge secure planning for 190,000 sq ft logistics scheme in Bishops Stortford

Fiera Real Estate UK (“FRE UK”) and Wrenbridge are pleased to announce that plans have been approved for their new 190,000 sq ft Grade A logistics, manufacturing and R&D scheme named ‘Spark’ in Bishops Stortford.

FRE UK and Wrenbridge have secured planning at their 8.5-acre site for a 189,536 sq.ft. scheme across twelve units, in five buildings. The units will range in size from 2,422 sq.ft to 60,473 sq.ft and are designated for B2, B8, E(g)(ii) and E(g)(iii) uses. Specifications for the new scheme include 8-12m clear internal heights, 50kN/sq m floor loading, surface level and dock level loading doors and self-contained service yards for larger units.

The scheme will be targeting net zero carbon construction, BREEAM ‘Excellent’ and EPC ‘A’ rating. It will feature photovoltaic panels and energy-efficient lighting and heating and cooling systems will be installed to encourage reduced energy consumption. EV charging points and cycle parking are also included in the design.

The site was purchased on behalf of Fiera Real Estate Opportunity Fund V UK (“FREOF V UK”), the fifth fund in Fiera Real Estate’s programmatic venture series with CBRE Global Investment Partners (“CBRE IM”). The fund completed its final close in February with £180m of equity committed.

Spark is situated on an area of urban expansion land to the south of the town which is being redeveloped for 750 new homes, new schools, local centre, and employment space. It benefits from excellent transport links to the Bishop’s Stortford ring road, M11 and wider road network.

James Feltham, Director of Wrenbridge commented “We have worked hard with the local planning authority and consultees to secure consent for this high-quality scheme which is designed to meet the needs of local, regional and national businesses in the Bishops Stortford and wider M11 market. Vacancy rates are at a record low and demand is very strong for what will be one of the first speculatively developed schemes in this market for several years. We are looking forward to starting onsite later this year to deliver the scheme.”