Thesis
In order to achieve a net zero carbon economy by 2050, the UK must reduce its total energy consumption and increase renewable energy usage. The built environment accounts for approximately 40% of energy use and around 40% of the UK’s total carbon footprint – so improving the energy-efficiency of our buildings is critical if we want to reach our net zero targets. What’s more, there is growing demand from occupiers for sustainable buildings that can reduce running costs and contribute to achieving ESG objectives.
In recent years, interest in industrial and logistics facilities has soared, driven by the transition to online retail. Demand was 86% above the long-term annual average in 2021, with vacancy rates falling sharply. By delivering high-quality and sustainable industrial and warehouse buildings, Bridges can meet this demand and contribute to the net zero transition, while also boosting local employment and economic growth.
Investment
Verda Park in Wallingford, Oxfordshire stands on a 7.6-acre site that has been vacant for the past 40 years. While the site had an extant planning consent for a single industrial unit of c.160,000 sq. ft., Bridges and our joint venture partner Equation Properties received planning consent in Q4 2020 for a 12-unit industrial warehousing scheme with a total area of 154,268 sq. ft. The scheme was branded as ‘Verda Park’, and four lettings (comprising c.60% of the scheme) had been secured at the time of practical completion in April 2022.
Outcomes
Our impact strategy was to build high-quality, highly environmentally sustainable industrial buildings for SMEs. The target EPC rating is A+ for the entire scheme, alongside a series of measures to minimise CO2 emissions, helping to decarbonise the built environment. BREEAM “Excellent” and Net Zero Carbon certification is also targeted.
