Octopus Real Estate has refinanced a £10.6m loan to Blackacre to develop an industrial site.
The 27 acre site is split into two plots and located near Great Blakenham in Suffolk, 20 miles from the port of Felixstowe, the UK’s busiest container port. One plot will be used to develop two large distribution units with a combined space of 369,000 sq ft, and the other plot will house a further 450,000 sq ft of industrial space.
“With great links to one of the UK and Europe’s busiest container ports, the Blackacre development makes good commercial sense,” said James Nunn, commercial fund manager at Octopus Real Estate. “Blackacre has a robust track record and the scheme will help satisfy strong local demand. The industrial and logistics market has shown consistent strength and significant outperformance through turbulent times in the market, so we are pleased to have supported the borrower and made this loan.”
Larry Isherwood, chief executive at Blackacre added: “This is a great development for us delivering over 800,000 sq ft of high spec commercial space suitable for general warehousing use. A further land purchase could increase this to circa 1.5 million sq ft. We look forward to continuing our working relationship with Octopus Real Estate.”
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