Kingsbridge Estates, a privately owned property company, has acquired a 16.5-acre Hampshire site, for an undisclosed sum, together with Bridges Fund Management, an investment fund manager.
The development comprises approximately 300,000 sq ft of manufacturing and distribution space, and is situated near both the A27 and the A3(M).
A planning application for the scheme will be submitted in early 2021, as the firms look to capitalise on the “growing demand” for logistics space in the UK.
Henry Pepper, investment director at Bridges, said: “Across the UK, we’ve seen growing demand for industrial and logistics space as business adapts to changing consumer habits.
“We believe our new scheme will be well-placed to respond to the increased demand, thereby supporting local economic growth and job creation.”
The site, which is set to undergo extensive redevelopment, was bought from John Wyeth and Brother, a subsidiary of the pharmaceutical company Pfizer.
A focus on sustainability has been singled out as an important ethos by Kingsbridge and Bridges, who also hope to stimulate economic growth in the region.
Pepper added: “We’ve also seen from our own extensive experience of redeveloping industrial sites that a focus on sustainability not only minimises environmental impact; it also benefits tenants directly via reduced costs and improved wellbeing.”