FirethornTrust has acquired a prime industrial development site in Milton Ham, near Northampton. The site sits within the UK industrial market’s “Golden Triangle” and offers a strategic location just off Junction 15a of the M1 and adjacent to Prologis’ Pineham Park.
The 37-acre site, formerly owned by Travis Perkins, has detailed planning permission for a three-unit scheme totalling almost 325,000 sq ft of lettable space. FirethornTrust plans to develop the scheme speculatively and will start on site in early 2020 with a view to delivering the first units by H1 2021.
Peter Mather, Partner at FirethornTrust, said: “This deal represents a perfect maiden acquisition in the industrial sector as we look to grow our exposure to this sector. The site will allow us to bring forward an institutional grade logistics scheme in a prime UK location. Despite the many headwinds in the economy we believe there are pockets of value and growth remaining in logistics- underpinned by continued occupier demand and a shortage of suitable stock. As such, it’s a sector we will continue to pursue in the right locations.
Equally importantly, we believe this deal demonstrates our appetite and ability to act quickly and decisively in a market paralysed by Brexit-induced indecision.”
Martin Meech, Group Property Director at Travis Perkins, said: “Following a competitive tender process, we are pleased to complete the strategic disposal of this surplus asset to Firethorn Trust, who have a clear vision for the site and the desire and ability to execute it quickly.”
FirethornTrust is a private investment and development manager with significant backing from two US family offices and a focus on strategic investment acquisitions and opportunity-led development projects.
FirethornTrust was advised by DTRE, while the vendor, Travis Perkins, was represented by Chadwick McRae and Knight Frank.