Private equity real estate investor Paloma Capital, in partnership with Graftongate, has purchased a 2.33-hectare industrial site in Bedfordshire.
The property is located within the Elm Farm Industrial Estate, near Bedford's town centre and adjacent to the A4280 dual carriageway.
Paloma Capital and Graftongate plan to redevelop the site into a £25 mln (€30 mln) trade and mid-box industrial park. The development will accommodate units up to 9,290 m2.
This marks the fourth joint venture between the two companies, following Banbury 200, Exeter Trade Park in Marsh Barton, and Urban Logistics Park, Tottenham, a new Grade A industrial/warehouse scheme totaling 5,930 m2.
Charles Lunnon, director at Paloma Capital, said: ‘This well located site offers an excellent opportunity to provide a range of unit sizes to suit both local and national occupiers. We look forward to working with Graftongate to deliver an excellent product to meet the occupier demand in this location.’
Alex Thomason, director at Graftongate, added: ‘We look forward to furthering our relationship with Paloma Capital through our fourth JV development. Together, we have gained a reputation for transforming underused, well-connected sites, into first-class industrial and logistics locations. Caxton Road offers an excellent opportunity for a prime commercial redevelopment in close proximity to Bedford and the M1, where there is strong occupier demand.’
The site is situated approximately 9.6 kilometres from the A1 motorway and 24 kilometres from Junction 13 of the M1. Additionally, it offers direct access to St. Pancras International Station via Bedford Station.
Paloma and Graftongate were represented by Colliers International.
