In response to continuing strong demand from investors and occupiers, Buccleuch Property has completed the acquisition of its second speculative industrial development in three months. The 1.6 acre plot at Wolverton Mill in Milton Keynes will provide 31,500 sq ft of new build industrial accommodation and is being developed in conjunction with Secklow Asset Management. Construction on site has already commenced and the building will be ready for occupation in December 2017.
The new build nature of the property, high quality design and BREEAM “Excellent” rating are likely to prove attractive to occupiers in Milton Keynes which has seen very limited purpose built new stock in recent years.
This transaction follows on from the successful purchase with Wrenbridge in March 2017 of a 3.8 acre industrial site in Belvedere, Kent. Subject to obtaining a planning consent, speculative development of the 65,000 sq ft unit is expected to commence in Autumn 2017 with completion scheduled for Q2 2018.
Neil Finnie, Associate Director at Buccleuch Property, said: “Both speculative developments will help to address an acute shortage of high quality industrial accommodation in these areas. By progressing strategic local partnerships, we are able to utilise our development expertise and strong balancesheet to acquire the site quickly and manage the asset through to a successful disposal. Given the strength of the industrial sector we continue to look for further opportunities to enhance our portfolio.”