Private equity firm provides funds for speculative unit
Commercial property developer Stoford has secured funding for the construction of a speculative unit at Worcester Six Business Park.
It has signed a funding agreement with Cabot Properties, the international private equity real estate firm, for a 37,800 sq ft unit adjacent to Kimal and ZwickRoell.
Work has already started and completion is expected in April 2023.
Edward Peel, Stoford’s development director, said the unit, which will comprise 33,800 sq ft of flexible commercial space and 4,000 sq ft of offices, has been specified to suit a range of occupiers and has E(g), B2 and B8 planning consent.
“Worcester Six Business Park has been a huge success story for the area, attracting a number of world-class companies that want to be based in a high-quality location, with a secure, managed and landscaped setting,” he said.
“Its strategic location also means it is well placed for the major road networks and motorways. There is strong demand for units of this size in the area and we’re confident that now that funding is in place and we’ve started works on site, we’ll receive a significant number of enquiries.”
In the past three years, Stoford has announced the arrival of Marmon Food and Beverage Equipment, Siemens, Spire Healthcare, Kimal, Kohler Mira, ZwickRoell, Alliance Flooring Distribution and IONOS at Worcester Six.
Once fully developed, Worcester Six will provide 2.1 million sq ft of accommodation.
Stoford appointed BNP Paribas to secure a funding partner and it, with Harris Lamb, has been retained to secure a tenant for the unit ahead of practical completion.