By Liza Helps, Property Editor, Logistics Matters

THE COMPANIES have entered into a new joint venture to deliver the £70m development after acquiring the global science and technology company 3M’s redundant manufacturing site on the Netherwood Industrial Estate.

The plans would see the redevelopment of the site to provide a 420,000 ft2 facility that could potentially generate over 500 new jobs and nearly £2m a year in business rates.

Bridges and Pembury intend to regenerate the site with a best-in-class industrial and warehousing employment scheme, which will include biodiversity and amenity enhancements to undeveloped land next to the River Anker.

Pembury Real Estate Joint Managing Director James Wright, said: “This project will deliver regeneration of a significant redundant brownfield site in a core golden triangle location with great access to the A5 strategic road network. Once operational, it will enable local people the opportunity to work close to home and enhance areas for biodiversity and recreation for the long term.”

Colliers was advising on the site sale.