Suffolk Park development to start in May
The construction of the first two warehouses at Suffolk Park in Bury St Edmunds is set to start next month, following an agreement between developer Jaynic and PGIM Real Estate.
A £13 million contract has been awarded to Readie Construction Ltd for the two units of 147,241 sq ft and 206,491 sq ft on the 19-acre plot.
Ben Oughton, Jaynic development director, said: “We are delighted to have partnered with PGIM Real Estate for this project. These units will form the only speculative development in this area currently being undertaken.
“It will provide much needed stock that can be delivered before the end of 2018 and setting the scheme apart from other development sites in the vicinity.”
PGIM is providing the majority of the loan finance for the development, which is a multi-partner initiative with St Edmundsbury Borough Council and housebuilder Taylor Wimpey.
John Griffiths, leader of St Edmundsbury Borough Council, said: “These two new units will help provide a range of opportunities both for existing local businesses looking to expand, and for businesses outside of the area wishing to relocate to West Suffolk.
“All of this will of course create new jobs and new opportunities for our residents and continue to ensure that West Suffolk remains a great place both to live and to work.”
The buildings are due to open in November.