The £150million Bridgwater Gateway business park at J24 of the M5 is set to benefit from a dramatic drop in speculative industrial development in the UK.

That is the view of Tim Davies, head of EMEA (Europe Middle East and Africa) Industrial & Logistics at commercial property specialist Colliers International, which has issued a report highlighting a UK-wide decline in construction of new industrial schemes without confirmed end occupiers.

“Bridgwater Gateway already boasts a perfect location at J24 of the M5 – and now it is set to benefit from perfect timing with regard to being brought to the market,” said Mr Davies, who has more than two decades of experience in industrial property.

The Colliers International EMEA Industrial Market report for the first half of 2017 states that in the UK “speculative development is slowing, partly due to funding difficulties and uncertainty following the Brexit vote”.

It adds “approximately 3.5million sq ft of speculative completions are expected this year, a -60% decline on 2016”, and states that this is expected to result in the national vacancy level falling further from its current level of 4.7% for all sizes of industrial warehouse unit and by 2.2% for large units of over 100,000 sq ft.

Mr Davies said: “The UK is experiencing an unprecedented shortage of industrial space, yet demand for industrial space is higher than ever before.

“This is because of a surge in demand from e-commerce and manufacturing, a decline in speculative starts, and loss of industrial commercial land to uses such as residential.

“In this context, the launch of Bridgwater Gateway could not have come at a better time. This superb modern business park offers a solution for any major businesses that are seeking strategically-located, high-specification industrial and office space in the South West, and has the additional advantage of excellent access to the Hinkley Point C power station under construction nearby.”

Final infrastructure work is now on site at the scheme, which is set in over 100 landscaped acres and will feature a range of high-quality modern office and commercial buildings, including a new 150 bedroom 4-star hotel with conference facilities.

Phil Wade, development manager for Bridgwater Gateway, which is being marketing by Colliers International, said solicitors had already been instructed on a number of deals: “The first phase has been released, and there has been considerable interest – especially in prime plots with road frontage to the A38 and Huntworth roundabout.”