Savills Investment Management (“Savills IM”), the international real estate investment manager, has completed the acquisition of five industrial warehouse buildings at Treatt Buildings, Northern Way Industrial Estate, Bury St Edmunds. The five units were acquired for £5.25 million (£833k per acre) and total 105,000 sq. ft across 6.3 acres.
The Northern Way Industrial Estate is in the established industrial area of Bury St Edmunds and benefits from easy access to the A14, and possesses 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 are scheduled for redevelopment as high-quality industrial units ranging in size from 7,000 sq. t 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 said: “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.”
The development to be known as Northern Quarter is being marketed by Bidwells and Merrifields. Pre-let enquiries are welcome.