UK firm and family set up JV partnership
The St Francis Group, a UK-based property development and investment entity and a brownfield development and regeneration expert, has agreed to set up a joint venture (JV) with the Richardson family. Under the agreement, the partners will speculatively develop over 56'000 sqm of new industrial and warehouse space in Redditch and Kettering (both UK).
Firstly, 30'700 sqm of industrial and warehouse space, split into 3,600 sqm – 13,100 sqm units, will be built on an 8 ha site at Park Farm industrial estate in Redditch. Work is expected to start there this summer, with completion in 2019.
Secondly, 25'100 sqm of industrial and warehouse space, split into four 2,300 sqm – 9,300 sqm units, will be built in Cransley Park, a new business park development in Kettering. Work is scheduled to start in this spring, with completion in early 2019.
As part of the agreement St Francis has completed the sale of both sites to the Richardson family. (mw)