Haverhill Business Park to provide 500,000 sq ft of employment space
Working in partnership with Hammond Rutts Investments, Taurus Developments has started the development of the remaining 24 acres at Haverhill Business Park – the first major employment construction in Haverhill since 2008.
This site will bring forward almost 500,000 sq ft across seven separate industrial, warehouse and trade counter sites.
Haverhill Business Park is strategically located on the boundaries of Suffolk, Cambridgeshire and Essex, being 17 miles south east of Cambridge and 15 miles from M11 (J9) and is the principal employment site in Haverhill.
In their first partnership project, Hammond Rutts and Taurus acquired the site in May 2015. The state of the land at the time meant the initial undertaking would involve a substantial 160,000 cubic metre earthworks and drainage programme before any construction could begin.
A detailed planning application for this and a further outline planning application for the development were submitted to and approved by St Edmundsbury Borough and Braintree District Councils.
The tender for the earthworks contract was won by PJ Carey which started work in Spring 2016.
By October the site was ready for its first tranche of development, a 20,000 sq ft industrial warehouse on Plot 4 that had been pre-let on a 20-year lease to national builders merchant MKM Building Supplies.
Construction began in February 2017, with Practical Completion achieved by September and following a two month fit out, MKM opened for business in October, creating 16 new jobs. In March 2018, the freehold investment in Plot 4 was sold to LondonMetric Property Plc.
Michael Gibbens, managing director of Taurus Developments, said: “The current strength of demand in the market for well let, well located industrial/warehouse space highlights just how suitable Haverhill Business Park is to deliver further development in the short to medium term.
“With lack of supply much closer to Cambridge, occupiers are having to look further afield for an established location and we have that at Haverhill. This in turn is beginning to put upwards pressure on rents which historically have been around £5 per sq ft, but rents in excess £8 per sq ft are now the benchmark, and this trend is continuing.
“The interest from potential occupiers is healthy and we are in advanced talks on a second pre-let which we hope to be able to announce in the coming weeks.”
Haverhill Business Park has a number of design-and-build opportunities, ranging from 2,500-265,000 sq ft on the remaining six plots. Joint marketing agents are BNP Paribas and LSH.