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23 April 1999
The site has the benefit of planning consent for 24,968 sq m (268,753sq ft) of B1, B2 and B8 accommodation. Countryside has recently submitted a reserved matters application for 5,109.6 sq m (55,000 sq ft) in units from 232.3 sq m (2,500 sq ft) to 2,322.6 sq m (25,000 sq ft). This will form the first phase of development and work should begin in mid-1999. Pre-lets will be sought on the remainder of the development, which will comprise units of up to 100,000 sq ft. Countryside will also carry out considerable highway and infrastructure improvements and create a new marketing image for the project.
Graham Cherry, the Chief Executive of Countryside Properties PLC, said: "We are delighted to be partnering Schroders on this important project, which is a further example of our ability to secure new commercial development opportunities with minimal financial exposure. The Acorn Industrial Park is only 2.8 miles from the M25 and 1.7 miles from the A2. It enjoys excellent road and rail communications and will provide both new units and design/build opportunities for industrial warehouse occupiers seeking to service London and the South East. Together with Chelverton Properties adjacent £26 million retail park, the scheme will transform the local area."
William Hill, the Fund Manager of Schroder Exempt Property Unit Trust, commented: "Since purchase we have let all the vacant units and seen a good level of interest in potential new units. The rationale for the link with Countryside is to benefit from their development management skills and local knowledge."
Taylor Wells brokered the agreement between Schroder Exempt Property Unit Trust and Countryside. Edwin Hills new M25 Eastern regional office and Watson Day have been appointed joint letting agents on the scheme. Depending on unit size, rents ranging from £6 to £8 psf are anticipated.
For further information, please contact:
Graham Cherry, Chief Executive, Countryside Properties PLC 01277 260 000
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Information correct as at 23/04/1999