Buccleuch Property has strengthened its industrial portfolio following the recent purchase of a 3.8 acre site at Belvedere Industrial Estate in South East London.
The leading property investment and development company acquired the site with the intention to secure planning and speculatively develop a 65,000 sq ft industrial unit with an end value in excess of £15m. Wrenbridge, the Cambridge based Asset and Development Managers, was instrumental in sourcing and helping to deliver the transaction.
Belvedere Industrial Estate is an established industrial park with excellent strategic transport links providing easy access to London and the South East. Home to Lidl’s regional distribution centre, the estate’s tenants also includes Amazon, Asda and Travis Perkins.
Neil Finnie, Associate Director at Buccleuch Property, said: “This new acquisition expands our portfolio of industrial property and subject to the necessary planning consents, will offer a well-located hub for the logistics and distribution market in the South East whilst also providing an employment boost for the Bexleyheath area.
“There is strong demand for this type of industrial accommodation and we continue to seek new investment and development opportunities of this type, across the UK.”
Ewen McLeod, Director at Wrenbridge Land, said “We are delighted to have teamed up with Buccleuch on this acquisition and work has already started on the planning application. The site has fantastic frontage to Bronze Age Way and we hope to be onsite this Autumn with completion in summer 2018.”
“Belvedere is quickly becoming the “go to” industrial location in South East London and this development will further enhance the area’s appeal to investors and occupiers alike”.
The Purchaser was advised by CBRE and Glenny, and Harrisons Chartered Surveyors acted for the Vendor.