Nuveen Real Estate has agreed to forward fund the development of “EOS”, a new 121,230 sq ft, high quality industrial/hi-tech scheme in Braintree, Essex, providing nine units ranging from c. 8,000-20,000 sq ft.
The development forms part of Horizon 120, an exemplar business park for the region capable of providing in excess of 750,000 sq ft of hi-tech, industrial, office and logistics space, set in c. 100 acres of extensively landscaped grounds overlooking the Essex countryside.
Marshgate Group, the developer for Horizon 120 Business Park, has designed the scheme to achieve an EPC rating of A and BREEAM Very Good’. The building contract has been signed with Readie Construction, and construction has commenced with practical completion due in April 2023.
David Warburton, Managing Director of Marshgate Group, commented: “We are delighted with the progress made at Horizon 120 over the last 2 years. The early infrastructure investment which created arguably the largest strategic business park in North Essex, is now reaping rewards.
“Securing speculative development funding from Nuveen & CBREIM for the construction of two new multi let estates totalling c.280,000 sq ft, as well as the recent CareCo, British Off Site and Essex Xray occupier deals, are testimony to the success of this major development project so far.”
James Ellis, Director of Nuveen Real Estate, commented: “The EOS development displays some of our key investment fundamentals for our logistics strategies. With a best in class, highly sustainable ESG driven build specification, the asset will cater to the strong demand from occupational markets, in a location with very restricted supply. The UK is a key focus market for our strategies and it’s a pleasure to be working with Marshgate Group on this exciting new scheme.”
Knight Frank and Coke Gearing acted for Marshgate Group and TTG acted for Nuveen.