AIM-listed Property Recycling has won planning for an Ikea distribution centre in Suffolk.
AIM-listed Property Recycling, which acquires and prepares brownfield sites for development, has won planning consent to develop a 1.24m sq ft (114,900 sq m) distribution centre for Ikea in Suffolk.
Consent for the scheme, which will be located on a 93-acre (38-ha) former World War II airfield close to Bury St Edmunds was granted by a meeting of the planning committee at St Edmundsbury Council earlier this week.
The planning approval includes permission to develop a distribution centre plus ancillary offices and infrastructure, including a new roundabout and access from the A143.
Paul Rackham, chairman of Property Recycling, said: ‘The approval for the development of a significant distribution centre at the Stanton site is a major milestone for Property Recycling. We have worked hard with IKEA over the past five years to prepare this site and achieve this approval and look forward to continuing that relationship going forward.’
Property Recycling specialises in acquiring and improving brownfield sites for sale to developers or future end users. The Group selects sites where value can be increased significantly through remedial works and improved planning.
Property Recycling was floated on AIM in June 2005 and the Group’s current portfolio comprises five freehold sites totalling 198.8 hectares.