Leading commercial property developer, Stoford has announced a new site wide agreement with the Church Commissioners for England that will unlock future phases of development at a job creating industrial scheme in East Devon.
The agreement paves the way for the development of an additional c.500,000 sq ft of industrial/logistics accommodation at Exeter Logistics Park, Clyst Honiton.
Stoford will develop the scheme on a design and build basis, with new units made available on freehold or leasehold terms.
Exeter Logistics Park is part of the second phase of a significant industrial scheme which was opened in 2017, following the grant of outline planning, secured by the Church Commissioners.
Part of the Exeter and East Devon Growth Point economic development zone east of the M5, near Exeter Airport, the scheme will total more than 650,000 sq ft upon completion and includes improvements to the local transport infrastructure. A new access road and signalised traffic junction have been created off the B3174 London Road, making the site immediately available for further development.
Stoford has already completed construction of a new 90,000 sq ft distribution unit and a 415-space electric vehicle charging park at Exeter Logistics Park, on behalf of an international retailer.
Works are also underway on the construction of a further two new buildings, including DHL’s 54,732 sq ft parcel distribution service centre and a 28,464 sq ft warehouse that is being developed speculatively.
The new developments are characterised by strong environmental credentials, including green roof spaces, a sustainable urban drainage system, provision of solar panels and an external trim trail with outdoor gym and fitness area. They are expected to be completed this month (March 2022) and have the potential to create more than 100 new jobs.
It is estimated that Exeter Logistics Park could contribute between £90 million - £105 million to the regional economy when fully complete.
Dan Gallagher, Joint Managing Director, Stoford said: “Exeter Logistics Park is an extremely well connected site with enormous potential. We are on track to deliver the two new buildings in Q1 this year and the new agreement will enable us to further develop the scheme to meet continued demand. This is a sustainable scheme that has already attracted high calibre, international occupiers. It has all of the attributes to become the South West’s leading distribution hub, south of Bristol.”
Joanna Loxton, Head of Strategic Land for the Church Commissioners for England, said: “The latest agreement builds on our already strong partnership with Stoford and will see hundreds of thousands of square feet of high-quality employment space being delivered, resulting in significant job creation locally and supporting the area’s continued growth.
“We are particularly proud of Exeter Logistics Park’s sustainability credentials, which are a demonstration of our ESG commitments in action and will help support a ‘green recovery’ post-covid.”
All enquiries regarding Exeter Logistics Park should be directed to the scheme’s retained agents, JLL and Cushman & Wakefield.
CAPTION: An aerial view of Exeter Logistics Park, East Devon. Please note that the area in red denotes the new site wide agreement.