Coke Gearing are pleased to announce that our clients, Royal London Asset Management, have received practical completion and handover of the new, speculatively developed, light industrial and warehouse scheme at Vision Stansted.
The project, procured and completed by Marshgate Developments Ltd, provides a total of five units comprising 104,000 sq ft of brand new accommodation, developed to the highest of modern standards, approximately half a mile from Junction 8 of the M11 in the heart of the London-Cambridge growth corridor.
Coke Gearing initially sold the site to Marshgate Developments Ltd in October 2014 on an unconditional basis. The Developer then proceeded to negotiate with Uttlesford District Council for planning consent for the scheme, and once detailed planning consent was obtained Coke Gearing introduced Royal London Asset Management who proceeded to acquire the project on a forward commitment basis, thereby enabling development to proceed.
At the date of practical completion, mid-March 2017, 50% has been pre-let: the remaining available units of 15,000 to 34,000 sq ft are attracting strong interest.
The success of this scheme clearly demonstrates the need for quality, modern floor space within this locality, which has not seen any speculative development for a number of years.
Coke Gearing have been involved in this project from the early planning stages, through site disposal, securing planning consent, working up a scheme in conjunction with the client and architect, introducing a Fund and acting as joint letting agents with GVA in relation to the finished product.
This is a very good example of our expertise in identifying opportunities and working with clients to bring projects to fruition.