Wilson Bowden exchanges deal with Urban Logistics for £23M Spec Development Deal

Wilson Bowden have exchanged contracts with Urban Logisitcs REIT on their two development sites at Blenheim Park in Nottingham and Optimus Point in Leicester, in a deal worth £23M.

The 8.1-acre site at Blenheim Park, Nottingham, will comprise four units with a total gross internal floor area of 166,330 sq ft.

The 2.5-acre site at Optimus Point, Leicester, will comprise one unit with a gross internal floor area of 43,850 sq ft.

Richard Moffitt, chief executive, said: "Covid-19 has highlighted the importance of warehousing and logistics real estate, especially the scarce, high-quality, single-occupier regional and last mile urban properties on which the company focuses.

"The development programme announced today, which we have sourced off market, will add further high-quality new assets to the company's portfolio at a time when smaller urban logistics warehouses are in short supply. Given the strength of demand for space from occupiers seeking representation in the East Midlands market, we expect to achieve favourable lease terms on each of the assets with high quality tenant counterparties."

Construction is expected to start on site in September 2021, once planning has been determined.