The new owner of the Hertford Industrial estate on Caxton Hill has revealed their aspirations for the 12-acre site.
Investment manager BlackRock has acquired the industrial site from Eastwood, a privately owned, real estate development, investment and asset management company based in East London.
The estate, originally built in the 1930s and 1950s, is currently 90% vacant and the new owner intends to redevelop the site to provide modern Grade A units from 5,000 – 220,000 sq.ft.
Jonjo Lyles, partner at M1 Agency said: "There is a huge and well reported shortage of modern Grade A industrial and logistics space in the Southeast pushing up rent levels to a point where the redevelopment of run down obsolete stock is not only viable financially but provides the best solution for occupiers to secure modern sustainable space going forwards."
The former owner failed to realise plans for a mixed use development, following consultations with the public and planning authorities.
Subject to planning and development the new units are set to be available from mid 2023.
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