Plans to redevelop a vacant industrial site and create more than 350 new jobs are one step closer to becoming reality.

Equation Properties has announced it has purchased Bradbury Works, located in the Springwood Drive Industrial Estate, Braintree, from Tristan Capital in a deal worth £6.125 million.

In conjunction with its business partners ICG Longbow and Sheikh Holdings, the commercial property giant is now set to redevelop the area, creating 185,000sq ft of industrial space - amounting to roughly four football pitches.

Simon Holley, of Equation Properties, said: “There is tremendous pent up demand in this location and we are aiming at the freehold market.

“We have already agreed to sell one unit and are talking to several other occupiers, all on a freehold basis.”

Planning permission for the first stage of the redevelopment of Bradbury Works was agreed in March 2017.

Stage one will see the demolition of the existing buildings and the erection of 9,500sq m of employment floor space in approximately 23 separate units.

The final make up of the site is not yet decided, however an estimated 355 jobs will be created once work is complete.

Farouq Sheikh, of Sheikh Holdings, a private investment firm based in Potters Bar, said: “We are happy to continue our relationship with Equation Properties, particularly focused on the industrial and logistic markets, which continues to show growth.”

As part of the plans, the developer is set to invest £21,000 for improvements to the roads in the Springwood Industrial Estate and more cash to help improve the estate’s public open spaces.

Work to demolish the old units at Bradbury Works was completed last year.

All businesses which were operating from the land are understood to have relocated before the demolition.