A 12-ACRE greenfield site near Highbridge has been bought, with plans to develop a £25million scheme.

Fiera Real Estate (FRE UK), an investment management firm, and Cubex, a real estate developer, have bought the site which sits adjacent to the M5 motorway at junction 22.

Their plan is to obtain permission to built a Grade A 160,000 square foot logistics unit.

“Cubex is a fantastic business with an incredible track record of acquiring and delivering highly sustainable best in class real estate over the last 17 years," said Joe Downey, director at Cubex.

"I'm am extremely excited about what the future holds as we continue to deliver our live developments as well as growing our development pipeline, and our team over the coming years.

"The recent acquisition of Highbridge to deliver 160k sq ft of speculative logistics sets the tone for our future growth.

"We have a number of similar deals in legals and are actively targeting further opportunities.”

Businesses close to the site include Yeo Valley, Off-Site Solutions and Briarwood.

The firms plan to focus on environmental issues during ever stage of the design process. For example there are plans for electric car charging points and roof lights.

The site was purchased through the FRE UK opportunity fund.

Chris Button, fund manager at FRE UK, added: “We are delighted to acquire this strategic south west logistics site with Cubex – in a superb location, it is able to service the population of the M5 corridor with ease and in a highly sustainable way – it ticks all the boxes.”

Now, plans for the build will need to be submitted to Sedgemoor District Council (SDC).

“This deal marks a new chapter in the Cubex evolution, demonstrating our abilities to source and acquire prime development opportunities in targeted market sectors with our in-house funds," said Peter Walford, managing director of Cubex.

"As with all our projects, we shall be focussing on delivering a top quality, sustainable building that meets the needs of both occupiers and investors in this high-profile location.”

Russell Property Consultants and JLL are to be retained by Cubex to let the premises.