St Francis Group, the leading UK-based property development and investment group, has announced a new venture partnership which will see the development of 270,000 sq ft of speculative business space at Cransley Park in Kettering.
The new tie-up with the Richardson family – a third generation family business with a variety of real estate portfolios and business investments – will pave the way for the delivery of the scheme. The prime new business park development on Junction 8 of the A14 at Kettering, upon which 270,000 sq ft of industrial and warehouse space will be constructed, will deliver a range of units from 25,000 to 100,000 sq ft.
Work is expected to start on site in Spring 2018, with practical completion in early 2019. Appointed lettings agents are Prop-Search and LSH.
The site was originally acquired by St Francis as a brownfield site and was subsequently fully remediated by its group sister company DSM Demolition. Full planning consents have since been secured for industrial and warehouse development.
Speaking about the announcement, Gareth Williams, Development Director at St Francis Group said: “This is an exciting partnership between two likeminded businesses, which are committed to developing a range of high quality warehouse and industrial units, in key strategic locations.”
“We have invested in this site to create development ready opportunities and now with this announcement, we will deliver much needed space into strong regional markets where the supply is currently limited. This partnership also marks another step forward in the evolution of The St Francis Group as we continue to leverage the land-assets in our portfolio.”
Also commenting, Mark Watkins Director at Richardson said: “We are very pleased to be partnering with St Francis on the development of the site which offers an outstanding location for logistics and industrial type requirements, in a key regional market, presently starved of supply.”
“With the combined track record and experience of both companies, we are confident of attracting occupiers to the scheme and are already fielding several enquiries from prospective parties, which we expect to announce details of shortly.”
The new venture partnership will also deliver Velocity 42 – a 20-acre site at Park Farm Industrial Estate in Redditch – upon which 330,000 sq ft of industrial and warehouse space will be constructed in a range of sizes from 39,000 to 141,000 sq ft. Work is also expected to start on this development later this year.