LaSalle Investment Management ('LaSalle') and Curtis Real Estate ('CRE') have partnered to acquire a prime industrial site on White Hart Lane, Tottenham. The proposed scheme is believed to be one of the first major developments of industrial space in Greater London for several years.
Subject to planning approval, the 7-acre site will be developed by CRE to comprise 143,000 ft² (approx. 13,285 m²) in seven units ranging from 10,000 to 52,000 ft². The site was previously owned by Bridisco, the electrical supplies company, which went into administration in 2008.
LaSalle, which has made the acquisition on behalf of the Northern Ireland Local Government Officers Superannuation Committee ('NILGOSC'), believes that the site offers strong investment opportunities as there is a growing requirement for more high quality industrial units within Greater London.
Chris Fry, Director, LaSalle Investment Management said, "A lack of development in the industrial sector in recent years means that there is a shortage of new space so now is the right time in the property cycle to acquire well located land for future development.
"We are confident that in partnership with CRE, our development of the Tottenham site will be attractive to potential tenants and will provide strong returns for NILGOSC. The industrial sector has been starved of investment for a considerable period which is why developments such as this are well placed to meet an upswing in demand as the UK economy stabilizes."
Alan Curtis, founder of Curtis Real Estate said, "Despite the current economic slowdown there remains a healthy volume of unsatisfied industrial requirements for occupiers looking for new premises closer to central London and whose businesses need to remain within the North Circular. We expect this proposal to kick-start the return of shed development in London after several years of inactivity."
Ben Wiley of Strutt & Parker, which advised LaSalle and CRE added, "Strutt & Parker are very proud and excited to be involved in identifying where and how to kick-off the next development cycle. It has become clear that in key locations there is a very limited supply, with no pipeline development planned. When combined with unsatisfied requirements for new buildings, the market dynamics present the justification for new developments."
The vendor, Ernst & Young (acting as the liquidator) was represented by CB Richard Ellis and Strettons.
Source: Citigate Dewe Rogerson
