PROJECT SUMMARY

Phase one is to develop a range of large former agricultural buildings into warehousing to enable an established Somerset business to expand. Phase 2 will entail the renovation of other buildings for food preparation, office accommodation etc.

ABOUT THE PROJECT

Bridge Farm, comprises a redundant farm yard incorporating a terrace of five adjoining redundant agricultural units totaling approximately 2,025 sq m together with dutch barn and stand alone store building.

The existing Somerset Company produces and distributes Preserves, Chutneys and Sauces based at another location in the County. The Company employs 40 staff and by 2011 aims to considerably increase turnover and employ up to 50 staff. To meet these business aims, they immediately require additional warehouse accommodation and
subsequently wish to relocate their whole business to a single site more
suitable for their business operation.

Post refurbishment, the redundant agricultural buildings and site at Bridge Farm has the potential to meet the existing Somerset Company’s short term warehouse needs and longer term business needs. Planning Permission for this has been obtained.

This investment applies to Phase 1 of the project comprising the conversion of three adjoining units within the terrace of five former agricultural units to provide 1,150 sq m of warehousing and ancillary office accommodation.

Terms have been agreed for the existing Somerset Company to occupy two of the three refurbished units totaling 810sqm for occupation from April 2008 for a term of 6 years.

Phases 2 and 3 of the project (both excluded from this investment) comprise: the conversion of a stand alone unit at the site totaling 275 sqm which post refurbishment will be offered to let on the open market; the conversion of the remaining two units within the terrace to provide 875sqm of kitchen and manufacturing areas for the existing Somerset Company; and the construction of a new two storey office building providing 270sqm of offices for its own use. It is expected that the existing Somerset Company will be in a position to relocate from their existing site in 2011 and this phase of the development will be commissioned in 2010.