A 70,000 sqft modern industrial unit on Newmarket Business Park has been let to OneFarm, a UK based vertical farming company. Acting for Mayfair Capital on behalf of the Property Income Trust for Charities (PITCH), Cheffins negotiated the deal, on a 25-year lease. OneFarm is one of the first operators to bring vertical farming to Suffolk.
When complete, the farm will include a growing area in nine-metre-high towers, using LED lighting, which will be powered in part by solar PV panels mounted on the roof. The farm initially will have the ability to produce around 415 tonnes of food including herb and salad crops, per year. The production area will be increased to produce 1,000 tonnes of food pa, within a short period.
Philip Woolner, Director, Cheffins says: “The letting of this major unit at Newmarket Business Park goes to show Mayfair Capital’s commitment to supporting sustainable businesses, which offer carbon reducing solutions throughout the region. OneFarm is an exciting addition to this already well-established location, which is fast becoming a real hub for business, due to its strategic location near to the A14 and other major road networks. Vertical farming has seen significant inward investment in recent months, and we expect to see more lettings for this burgeoning industry.”
Scott Fawcett from Mayfair Capital says: “Welcoming a tenant such as OneFarm to the Property Income Trust for Charities is very much in keeping with the sustainable aims of the Fund and securing the letting so soon after completion of the EPC A rated refurbishment demonstrates the strength of our thematic investment approach.”
Mira Merme, CEO of OneFarm said: “Landlords need to realise and act accordingly to the emergency of providing UK grown food to local populations. Growing food in the UK is now a matter of urgency for food security and is crucial and critical. This is not a “nice to have” it is a “need to have”. Landlords should be rewarded by government for appropriate lettings in this sector. Tax Rebates corresponding to lettings to essential industries must be prioritised. It is also the responsibility of Charitable Trusts to be much more involved in this type of decision making and should be actively encouraging essential industries for the benefit of the UK. Taking responsibility for local communities includes the way assets are managed so landlords must be involved in the decision-making process together with the managing agents.“
Philip Woolner continues: “Well located, quality industrial and warehousing stock continues to be in short supply throughout the East of England and rental and capital values are rising quickly as a result. This is stimulating some much-needed new development across the region.”
Bidwells jointly advised Mayfair Capital on the letting of the unit.
For further information, contact Cheffins Commercial team 01223 213666, or email Philip.email@example.com, www.cheffins.co.uk