Property Consultants, Bruton Knowles, working jointly with logistics sector specialists M1 Agency, have announced that owners of Gloucester 12 plan to push ahead with speculative development of the site at Junction 12 of the M5, an important build within the GFirst M5 corridor Growth Zone set to offer much needed flexible space for commercial use.
The intention is for the planning application to be submitted in August for the first four buildings, offering between 17,000 and 40,000 sq ft of industrial and commercial space. Gloucester 12 is being developed by Irish construction company, Sisk Group, with Graftongate acting as development managers.
Graftongate is a development and private real estate company known for its expertise in the industrial and logistics sector. Philip Silk is a Director of the business: “This is a significant commitment by the business to take plans forward quickly but also recognition of the strength of the Gloucester economy currently.”
Robert Smith of Bruton Knowles, joint agents for the site, added: “Bruton Knowles has worked closely with the developers to analyse and share transactional data collected over the last 10 years in order to identify movement in the market. With detailed analysis of supply and demand levels available for clients we were able to advise on the most appropriate development for the locality and the most effective timescale to bring a new development to market.
“The shortage of suitable premises for small to mid-size growth and growing businesses across multiple sectors is escalating demand, so the design of flexible use units at Gloucester 12 is expected to attract wide interest.”
Other larger scale developments planned for the M5 corridor Growth Zone at Junctions 9 and 10 will take over 3 years to progress.
David Owen, Chief Executive of GFirst, added: “We are delighted to see this speculative development being promoted by Bruton Knowles and M1 Agency at M5 J12 on what is effectively brownfield land. There is currently a significant shortfall of good quality available industrial space that can provide the opportunity for local SMEs to grow their business to the next level. At the LEP we have always taken the view that the M5 corridor is a great location because of the connectivity that it provides to the rest of the UK and on that basis we are pleased to support this development. It’s a good location for business and employees in terms of access and allows us to preserve more of the beautiful landscape across the county that makes Gloucestershire such a fantastic place to live and do business.”