Property fund secures planning for 107,000 sq ft of industrial units
AEW UK Core Property Fund (AEW) has secured planning permission to develop 107,700 sq ft of industrial units at its site in Grazebrook, Dudley.
The multi-let industrial site will see up to eight new units varying in size from 3,600 sq ft up to 43,100 sq ft across four buildings developed alongside existing ones.
Construction is expected to begin mid-2021 with a build period of nine to 12 months.
The wider Grazebrook Industrial Estate was purchased by AEW in 2018.
Meanwhile, AEW has sold two industrial properties for a total of £9.4m in Batley, West Yorkshire, and Newbridge, Edinburgh, and has acquired a prime retail location in Bristol city centre for £2.32m.
Michael Shears, executive director at AEW, said “We are pleased to have sold two of AEW Core’s properties in line with our target returns. The disposals are the culmination of our diligent asset management strategy that has been successfully executed for each asset.
“We are also pleased to have purchased two assets in Bristol city centre. These retail locations are ideally situated in the heart of Bristol, offering excellent potential for value accretion. An example of our active asset management strategy is the planning permission we have now secured for our asset at Grazebrook Industrial Estate to develop new units. Once completed, this will in turn increase the available sites for letting, the potential rental income produced by the site and its overall value.”
