JMW Solicitors’ Real Estate team has advised Blackacre on a £13m deal with Lay & Wheeler that will see the development of a new 114,000 sq ft unit at Port One Logistics Park in Ipswich, UK.
The wine merchant has agreed a £13.85m senior development loan with Cain International to forward-fund the delivery of Unit 6.
Lay & Wheeler was founded in 1854 and remains one of Britain’s longest-standing fine wine merchants – it is a market-leading name globally and has won a multitude of awards.
Port One is a strategic development located close to Ipswich and Felixstowe Port, benefiting from direct access to Junction 52 of the A14, a major arterial route. Its proximity to Felixstowe makes it the most centrally located customs site within the Freeport East Zone. The Zone includes both Felixstowe and Harwich, making them, combined, the UK’s largest container port.
Simon Maddox, Real Estate Partner at JMW Solicitors, said: “We’re pleased to have been able to support Blackacre on this latest deal at Port One – it will no doubt prove an ideal location for Lay & Wheeler’s new warehouse and head office as the business continues to grow.
“There remains a significant shortage of industrial and logistics stock entering the market – with a record-breaking volume of space under offer at the end of Q1 2022, demand will remain high for high-quality, well-located schemes like Port One.”
Development work for Unit 6 is now underway on site and is expected to reach PC by November 2023.
JMW Solicitors is one of the UK’s leading full service law firms, with offices in Manchester, Liverpool and London.