Real estate firm buys Lichfield logistics facility

AEW, one of the world’s largest real estate managers has agreed to buy a 431,500sq ft logistics facility in Lichfield from Evans Property Group.

The Fradley 432 site at Fradley Park in Lichfield will be developed by Evans for AEW as part of the agreement. Evans, a privately-owned property investment and development company, will begin work on site this month with practical completion due in Spring 2020.

Fradley 432 forms part of AEW’s recently launched €290m develop-to-core UK logistics venture with Allianz and follows the announcement last month to speculatively develop a 525,000sq ft logistics facility at East Midlands Distribution Centre, also part of the logistics venture.

Nick Winsley, Managing Director at AEW UK Investment Management said: “Evans have an excellent track record of delivering market leading developments and we are pleased to have appointed them for the development of this project, our second speculative development for the venture with Allianz”.

Fradley Park Industrial Estate is an established location for warehousing distribution occupied by companies such as Tesco, Geze, Newell Rubbermaid, Great Bear Distribution, DHL and Palletways. It is located at the centre of the country’s motorway network and 4.5 miles from T4 and T5 of the M6 Toll Road.

The site lies on the A38 and also has excellent access to the M1, M42, M40, M6 and A50 and is close to both Birmingham International and East Midlands airports.

Due for completion in Q1 2020, the proposed new-build project will have a 100m yard with a clear haunch height of 15m. The single sided warehouse will be built to market leading specification with an EPC ‘A’ rating, BREEAM ‘Very Good’, electricity charging points and a rainwater harvesting system.

Charles Royle, Director, AEW UK said: “Fradley 432 is being built to the highest standard of specification, enabling an occupier to benefit from market leading sustainability features.  We look forward to working with McGuiness Waddington Real Estate (MWRE) and Avison Young in securing an occupier for Fradley 432, in this supply constrained market.”

AEW has appointed McGuiness Waddington Real Estate and Avision Young as joint letting agents for Fradley 435, whilst Franck-Steier Price acted for AEW on the acquisition.

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