Bridges Fund Management and Pembury Real Estate have entered into a new joint venture to deliver a new £70m industrial and warehousing development on a 25-acre site at Atherstone, Warwickshire.

The site, which has capacity for up to 420,000 sq. ft., was previously owned by global science and technology company 3M, until its closure was announced in 2023. It forms part of the established Netherwood Industrial Estate, which is located less than a mile from the A5 strategic road network, and sits within the logistics ‘Golden Triangle’. The Atherstone area is home to several national occupiers, including Aldi and Fedex.

Bridges and Pembury intend to regenerate the site with a best-in-class industrial and warehousing employment scheme, which will include biodiversity and amenity enhancements to undeveloped land next to the River Anker. The scheme could potentially generate over 500 new jobs and nearly £2m per annum in business rates.

James Wright, Joint Managing Director, Pembury Real Estate, commented: “This project will deliver regeneration of a significant redundant brownfield site in a core golden triangle location with great access to the A5 strategic road network. Once operational, it will enable local people the opportunity to work close to home and enhance areas for biodiversity and recreation for the long term.”

Henry Pepper, Partner at Bridges Fund Management, commented:

“Bridges has a well-established track record of developing some of the most sustainable industrial schemes in the UK. We’re excited to partner with Pembury to regenerate this excellent site, which we think has great potential to create jobs and boost the local economy.”