Bridges Fund Management and Wrenbridge have acquired a prime 6.5-acre site in Letchworth, Hertfordshire, with plans to develop a cutting-edge 130,000 sq ft logistics scheme.

The site, purchased from Tesco and Letchworth Garden City Heritage Foundation for an undisclosed sum, will be transformed into three state-of-the-art warehouses. Designed to meet the highest sustainability standards, the development will achieve an EPC ‘A+’ rating and operate at net zero carbon.

Harry Gibson, director at Wrenbridge, commented: “This acquisition marks our fifth purchase with Bridges, and we remain on the lookout for further opportunities. We are excited to deliver another high-quality, sustainable industrial scheme that will drive local economic growth and provide best-in-class space for businesses in an undersupplied market.”

Graham Fisher, chief executive at Letchworth Garden City Heritage Foundation, welcomed the investment: “A core part of the foundation’s strategy is to attract new investors, unlock regeneration opportunities, and support economic growth. We are pleased that Wrenbridge and Bridges share our vision and are investing in the heart of our industrial area.”

The deal saw JLL represent Tesco, while Savills advised Wrenbridge. Kirkby Diamond and Clarke Willmott acted on behalf of Letchworth Garden City Heritage Foundation.

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