The real estate team at Irwin Mitchell has advised property developer Jaynic on the acquisition of a 20-acre Suffolk development land site, set to become a major new industrial and distribution centre.
Jaynic has acquired the former Karro Food site, located on the A143 between Haverhill and Bury St Edmunds.
The development, set to be called the Stour Business Park, already has six acres allocated for employment in West Suffolk Council’s adopted local plan, the Rural Vision 2031.
Jaynic is seeking an extension to the existing employment allocation in the new emerging local plan on the remaining 14 acres, which may include land for recreational sport and open space.
Karro, part of the Eight Fifty Food Group, has recently been acquired by Canadian group Sofina Foods. It will continue to undertake pork product food processing and production on the northern site on the other side of the A143, that it is retaining.
The purchase price includes a contribution towards capital improvement works the vendor needs to implement, together with Jaynic demolishing the existing abattoir building and the existing conveyor bridge, which linked the two Karro sites over the A143.
The Irwin Mitchell team was led by real estate partner Martyn Holland assisted by Laura Jones, while Karro was represented by Charles Docherty, in-house counsel at Eight Fifty Food Group.
Martyn Holland, partner at Irwin Mitchell, said, “Once complete, the Stour Business Park will offer a valuable new use of space for a site that has remained unused for over a decade. “We’re delighted to have advised Jaynic on this significant new acquisition, which will doubtless prove attractive to business. With fast access to the A1307 once the Haverhill Northern Relief Road is complete, the park will be an ideal location for warehouse and other mixed business use.”
Nic Rumsey, managing director of Jaynic, said: “We have bought the Karro site because we are seeing substantial demand for warehousing space at our other sites in Bury St Edmunds and Stowmarket and believe that this location will prove attractive to potential occupiers. We would expect to have a planning application in by the summer and in the meantime, we will offer the site for open storage.”
Agents for the scheme are Rumsey & Partners and Cheffins.
This post has originally been featured in Property Wire.