Exton Estates has announced plans to develop two distribution warehouses after exchanging contracts with Reading Borough Council to acquire an 8-acre site at Island Road, south of Reading town centre, for £6.6 million.
The site, which fronts on to the A33 and is close to J11 of the M4, has outline planning consent. Exton Estates has submitted a detailed planning application for two units, one of 100,370 sq ft is pre-let to DHL at £11.25 per sq ft and the other of 16,000 sq ft will be speculatively developed. Construction is expected to start by January. The scheme will have an end value of approximately £25 million.
Stuart Bedford, Director at Exton Estates commented: “This scheme is in a well established urban logistics location and reflects our strategy of acquiring prominent sites in under supplied markets. We look forward to progressing our plans and are delighted to add Island Road to Exton Estates extensive industrial portfolio.”
DTRE have been appointed as agents for the scheme. Cushman & Wakefield advised Exton Estates on the DHL pre-let.
