Real estate investment management advisor BentallGreenOak, alongside its development partner Equation Properties, has announced the acquisition of the Suffolk-based Orwell Logistics Park.
Spanning a total 60-acres, the £80m project will comprise over one million sq ft of logistics space.
The development will create four units across multiple phases that range from 88,500 sq ft to 500,000 sq ft.
Acquired by BentallGreenOak in December, the scheme is set to commence phase one of construction in Q2 2021.
The first stage of the Ipswich development is targeted to deliver 546,000 sq ft of warehouse space across three units upon completion in Q2 2022.
Situated eight miles from the Port of Felixstowe, the scheme is “strategically located” next to the A14, providing access to Cambridge and the “golden triangle” of logistics space.
The deal represents further expansion to BentallGreenOak’s global portfolio, which consisted of roughly £36.5bn in managed assets as of 30 September 2020.
M1 Agency, Penn Commercial, and JLL have been appointed as joint letting agents for the site.