Private equity real estate investor, Paloma Capital, with development partner Graftongate, has completed the acquisition of a 5.77-acre industrial site in Bedfordshire.

The site is located on the multi-let Elm Farm Industrial Estate, Caxton Road, near Bedford town centre, adjacent to the A4280 dual carriageway.

Paloma Capital and Graftongate will draw up plans to redevelop the site into a £25 million trade and mid-box scheme. The site can accommodate unit sizes of up to 100,000 sq ft.

It will be the fourth development between the JV partners, and follows Banbury 200, Exeter Trade Park in Marsh Barton and Urban Logistics Park, Tottenham, a new Grade A industrial/warehouse scheme totaling 63,830 sq ft.

Charles Lunnon, director at Paloma Capital, said: “This well located site offers an excellent opportunity to provide a range of unit sizes to suit both local and national occupiers. We look forward to working with Graftongate to deliver an excellent product to meet the occupational demand in this location.” 

Alex Thomason, director at Graftongate, said: “We look forward to furthering our relationship with Paloma Capital through our fourth JV development. Together, we have gained a reputation for transforming underused, well connected sites, into first class industrial and logistics locations.

“Caxton Road offers an excellent opportunity for a prime commercial redevelopment in close proximity to Bedford and the M1, where there is strong occupier demand.”

The site benefits from excellent road and rail connections, lying approximately six miles from the A1 and and 15 miles from Jct 13 of the M1. It provides a direct route to St. Pancras International via Bedford Station.

Paloma and Graftongate were represented by Colliers International.

CAPTION: An aerial photograph of a 5.77-acre plot on Elm Farm Industrial Estate, near Bedford, which has been acquired by Paloma Capital and Graftongate.