The first speculative industrial units to be built in Bridgwater for over a decade have been completed and are already attracting occupier interest.
The five Grade A units are located at £150 million Bridgwater Gateway business park, which is being marketed by the South West office of global real estate advisor Colliers International, jointly with Greenslade Taylor Hunt.
Phil Wade, Development Manager at Bridgwater Gateway, said: “We decided to speculatively develop the units as we believed there was demand for industrial space of this size in the area.
“That confidence in the market has been proven to be correct. Already we’ve seen one unit going under offer prior to completion of construction work, and we are experiencing keen interest in the remaining units from a range of companies seeking high-quality industrial premises with good access to the M5.
“The local economy in Bridgwater is predicted to see 45% growth by 2030, and the enquiries we have had from potential occupiers appear to indicate the local area is beginning to attract successful businesses seeking suitable premises in Somerset.”
The five units start at 5,381 sq ft and can be consolidated to suit larger occupier requirements. They feature a large open plan warehouse, dedicated car parking at the front, separately-accessed loading doors and parking for delivery vehicles at the rear, and first floor offices.
Tom Watkins, head of the Industrial & Logistics team in the South West office of global real estate advisor Colliers International, said: “Very little speculative development has taken place in Somerset in recent years, as developers have been understandably cautious about embarking upon a scheme at a time of economic uncertainly without having end-users signed up.
“To the credit of the team at Bridgwater Gateway they decided to push ahead and build speculatively, and their confidence in their scheme has been justified by the immediate interest shown by potential occupiers, with one unit going under offer prior to completed construction.
“One of the advantages to occupiers is the flexibility of these units. They can be leased individually as 5,000 sq ft units, or can be consolidated to meet the needs of occupiers who need more space.
“Furthermore, the 90-acre business park also benefits from other serviced plots which are available for immediate development. These include design and build opportunities of up to 300,000 sq ft.”
The five speculative units are part of the first phase of the mixed-use scheme at Bridgwater Gateway, which is located near junction 24 of the M5, fronting the Huntworth Roundabout and the A38 Taunton Road. The first phase also includes a Premier Inn, which opened at the business park last year, and a range of new commercial and office buildings.
Devon Contractors started constructing the units in the summer of 2019 and completed six months later in January 2020. The same fast-track delivery approach was used to construct the Premier Inn hotel in just 38 weeks, and will be used for construction of all new buildings at Bridgwater Gateway.