Commercial property developer, Stoford Developments, has completed construction of a new 90,000 sq ft distribution unit at Exeter Logistics Park.
The development at Clyst Honiton, Exeter, has been built on behalf of an international retailer and is expected to support in the region of 350 jobs.
Funded by Torbay Council, the development includes improvements to the local transport infrastructure, with a new access road and signalised traffic junction on to the B3174 London Road.
Exeter Logistics Park is part of the second phase of a significant industrial scheme on 55-acres of land at Hayes Farm, owned by the Church Commissioners for England. Phase one of the Exeter Gateway distribution facility, Lidl UK’s regional distribution hub, was opened in 2017.
Both sites are part of the Exeter and East Devon Growth Point economic development zone east of the M5, near Exeter Airport. The scheme could create between 1,530 and 1,817 new jobs when complete and contribute an extra £90m to £105m to the regional economy.
Dan Gallagher, Joint Managing Director, Stoford Developments, said: “We are very pleased to have delivered this exciting new development at Exeter Logistics Park. This has been the result of three years’ work on behalf of a number of stakeholders with a shared vision for establishing the site as the South West’s leading distribution hub, south of Bristol. There is huge pent up demand for logistics and distribution accommodation of this size and quality in the region. We expect it to unlock other sites in the area for development, bringing important social and economic benefits.”
Liam Montgomery, Director of Asset Management, Investment and Housing, Torbay Development Agency, said: “We are delighted to have been involved in this project, using our market knowledge to present the opportunity to one of our partners and then to facilitate the purchase and development of this distribution unit. The acquisition provides further diversification of the fund and it’s great to see the building complete.”
Cllr Ben Ingham, former Leader of East Devon District Council, said: “I welcome this investment in a new logistics facility in East Devon which is strategically located to serve customers across the wider South West. It recognises the considerable investment that has already been made in enhanced transport infrastructure, including to support enhanced public transport and cycling provision, and will help to create job opportunities for local people, particularly from the nearby new town of Cranbrook. This is in addition to the 10,000 new jobs that are expected to come forward in the nearby four sites that make up the Exeter and East Devon Enterprise Zone.”
Exeter Logistics Park benefits from major improvements to nearby Junction 29 of the M5 motorway and the construction of the Clyst Honiton bypass, providing access to Exeter International Airport and opening a corridor linking the Science Park, Skypark and Cranbrook as a prime opportunity for economic growth.
The scheme is expected to attract significant investment and has already enabled a new Instrument Landing System (ILS) to be installed at Exeter International Airport – the first ILS upgrade at the airport in 28 years.
Stoford Developments has a successful track record of major development and regeneration projects spanning industrial and distribution warehousing sites, production plants, business parks, offices, retail schemes and hotels. The award-winning developer has completed commercial developments of more than 14 million sq ft with a value of over £1 billion.
All enquiries regarding Exeter Logistics Park should be directed to the scheme’s retained agents, JLL and Cushman & Wakefield.