Bridge secures its largest UK development site to date
Bridge Industrial (“Bridge”), the US-based industrial real estate operating company and investment manager, has acquired its sixth UK development site, in Chadwell Heath, from Be First – the regeneration vehicle for Barking and Dagenham Council.
Its largest acquisition to date, Bridge plans to develop 333,000 sq ft of last mile logistics space on the 13-acre, former Muller Dairies site in East London, which will be known as Bridge Point Enterprise East.
The former milk processing plant is situated within a prime London logistics location, close to both the A12 and the Elizabeth Line, which is set to open imminently. Bridge will submit a planning application for 10 new last mile logistics units within the development in the summer this year.
Paul Hanley, Bridge’s London partner, comments: “As with all our developments, the new facilities will provide Class A, highly sustainable and futureproofed space to serve a wide variety of occupiers looking for modern space, in a perfect location to serve last mile logistics in London and the South East.”
Dominic Whitfield, director in the industrial & logistics team at Savills, who advised Bridge on the acquisition, comments: “The purchase of the former Muller Dairies site provided Bridge with an excellent opportunity to acquire another prime London site, ideal for last mile urban logistics. Upon completion of the new development, this should help to provide much needed stock in a critically undersupplied market.”
Leader of Barking and Dagenham Council, Cllr Darren Rodwell, says: “The sale of the Muller Dairy site follows massive investment in the borough, including London’s largest film studios and the iconic city markets coming to Dagenham. It shows the cream of international investors, financial institutions and blue-chip companies know Barking and Dagenham is a place to do business in, which means more jobs and opportunities for our residents.”
Fidu Property acted jointly with Savills, advising Bridge on the acquisition. The legal representatives were Mishcon de Reya for Bridge and Gowling for Be First.
Bridge Industrial launched its UK operations in November 2020. The firm now has six development sites within the M25 totalling more than 734,000 sq ft – including this latest acquisition – in Southall, Barking, Uxbridge, Croydon and Weybridge. Bridge Point Uxbridge, Bridge Point Southall and Bridge Point Barking all achieved planning consent this year.
Bridge is continuing to actively pursuing land and development opportunities throughout Greater London, the South East, and the West Midlands.