A developer has bought an 8.5-acre site in Watford — with plans to build an £80 million facility.

Harleyford Capital announced yesterday (February 28) that it had exchanged unconditional contracts on the land and confirmed that it will seek planning permission for it.

Its proposal will be to speculatively deliver an "urban logistics scheme" made up of 13 warehouse units totalling more than the size of two football pitches.

Harleyford Capital’s managing director of asset management Thomas Mallindine said: “We are excited to bring forward plans to deliver an ESG-leading, institutional urban logistics product into a market which has seen a dearth of Grade-A supply over the last cycle with a catchment of over 25 million people within a two-hour drive-time.

“We look forward to preparing a planning application this year and to commence development as soon as possible.”

Watford Observer: CGI image provided by Harleyford Capital but not necessarily representative of how the facility would look - as the specific design has not been drawn up.CGI image provided by Harleyford Capital but not necessarily representative of how the facility would look - as the specific design has not been drawn up. (Image: Harleyford Capital)

The deal was sourced off-market and the location of the plot is apparently confidential, beyond that it is in the Watford area.

Once a planning application goes in, it will be clear where in the area the development could be built.

The purchase was funded in joint venture with Fiera Real Estate while Harleyford Capital is responsible for delivering the project.