Bridges Fund Management and XLB Property have acquired a site in Surrey for a new 90,000 sq ft logistics development, React News can reveal.

The partners have bought a 9-acre plot at Frimley business park, near Farnborough.

A planning application will be submitted later this year to replace three dated, vacant office buildings with a new logistics scheme.

It is located at junction 4 of the M3, around 17 miles from the M25.

Simon Bowder, partner at XLB, said: “This purchase represents a fantastic opportunity to regenerate a key employment site by developing high-quality sustainable industrial/logistics accommodation. We anticipate strong occupier demand for this scheme, which we believe will help to establish Frimley Business Park as a prime gateway site for the region.”

Henry Pepper, investment director at Bridges Fund Management, said: “This well-located but redundant office site can be repositioned to meet the strong demand for industrial and logistics. We will draw on our experience of sustainable development to create a scheme that will minimise environmental impact while achieving both wellbeing benefits and cost savings for future tenants.”