Fortwell Capital lends GBP13m for new Hertfordshire logistics development
Fortwell Capital, principal lender to developers and investors within the UK and Ireland, has agreed a GBP13.1 million loan to Tavis House Properties for the construction of a new speculative logistics scheme in Hoddesdon, Hertfordshire, UK.
The facility will be used to develop a 78,000 sq ft scheme comprising seven units, which will form part of the Hoddesdon Industrial Centre, the main commercial employment area servicing the town and local area. The development site will be acquired by Tavis House Properties with vacant possession, with the wider industrial estate boasting a strong tenant line-up including Sainsbury’s, DX, Best Food Logistics and Iron Mountain.
This latest deal aligns with Fortwell Capital’s strategic focus on lending opportunities within sectors and regions where there is strong commercial activity, accessibility, and high and rising demand for quality assets. As part of London’s commuter belt, Hoddesdon benefits from excellent road connections, being situated two miles east of the A10 trunk road, providing access to London and the M25 to the south, and Cambridge to the north. The centre is well served by a direct train network with fast and frequent services to London and Cambridge, as well as being within 30 and 45 minutes to London Stansted and Luton Airport respectively.
Nikos Yerolemou-Ennsgraber, Director, Fortwell Capital, says: “Hoddesdon is a well-established logistics centre, with the local market experiencing strong momentum over the past few years due to its location relative to major cities. Limited new construction in the area means rental growth is amongst the highest in the UK, and we anticipate the market will continue to grow in line with the accelerated trend towards ecommerce and resulting demand for high quality distribution facilities.”
Fortwell Capital has now provided over GBP50 million in the logistics space in the last 12 months and is looking to transact further deals with Tavis House Properties and other logistics developers as part of its growth strategy in the UK and Ireland.