The Bedford Link site on the A421, close to junction 13 of the M1 has been bought from the local authority.

The site has planning consent for up to 670,000 sq ft of logistics space.

It is next to Marsh Leys Business Park, a well-established distribution location where LondonMetric owns an Argos warehouse and other occupiers include Sainsbury’s and Asda.

LondonMetric said it is now “engaged in active occupier discussions to develop up to four regional distribution warehouses at a total anticipated cost of £60m”

Graftongate has been appointed as Development Manager with enabling works due to commence shortly, and construction anticipated to start in summer 2018.

Andrew Jones, Chief Executive of LondonMetric, said: “We are pleased to be in a position to commence infrastructure works, reinvesting proceeds from our recent disposals.

“The supply of Grade “A” distribution space remains highly constrained, which is reflected in the quality of our ongoing discussions with potential occupiers.”