The first speculative industrial development to be built in central Taunton for at least 10 years is under way.
The scheme, which is located on the Crown Industrial Estate is being developed by LGIM Real Assets (Legal & General) on behalf of its Industrial Property Investment Fund (IPIF). The development will comprise 30,000 sq ft of Grade A space for the industrial market. It is expected that works, which have now begun, will complete in spring.
The four trade counter units range in size from 4,500 to 10,500 sq ft, and are available for let individually or combined.
A pre-let has already been secured with City West Country Ltd, which is taking a 6,600 sq ft unit to be completed early this year.
Tim Packer, senior asset manager at LGIM Real Assets, said: “There is a huge demand for this type of Grade A industrial space as demonstrated by us already securing a high-profile tenant in City West Country Ltd. There just isn’t this type of space in Taunton and the supply/demand imbalance has made this an attractive development opportunity for IPIF, which will provide the fund with a long-term and secure income stream.”
Giles Weir, director at property consultancy JLL, said: “This is fantastic news for the Taunton industrial property market and is just what is needed in the town. There hasn’t been any speculative industrial development in the town for quite some time, despite the fact there is strong demand from businesses and very little supply.”
This Grade A space will provide high quality modern space that will be ideal for trade counter occupiers. Each unit will have six-metre eaves height and first floor office space. Externally there is excellent loading provision with glazed frontages, pedestrian entrances and allocated car parking.
Giles Weir added: “Taunton has very little available land and this has halted speculative development for several years. IPIF took the decision to build on this land, which they have owned for some time, as the rest of the estate is fully let and there are still occupiers searching for space of this quality.”
Existing tenants on the Crown Industrial Estate include Screwfix, Euro Car Parts, Bradfords Building Supplies and CEF.
JLL and Greenslade Taylor Hunt are joint agents on the scheme. JLL is also project managing the build and advised on the planning application.
