Savills IM, acting on behalf of a FTSE 100 corporate pension fund client, has completed the sale of 25-acres of industrial land in Belvedere for an undisclosed price. The pension fund, working with Panattoni as development manager, secured an outline planning consent to redevelop the site to provide 450,000ft² of new industrial space in February. Since vacant possession was secured at the beginning of 2018, the site has been readied for development, although further works are required to remediate the land before any development can commence.
Lucy Winterburn, Director of Investment at Savills IM, commented: “We are delighted to have achieved the sale of this site on behalf of our client. Proceeds from the sale will be used in part to fund other direct development projects that are either in hand or planned to take place across a variety of UK sites while also targeting new opportunities. The decision to sell matches the pension fund’s medium-term strategy to de-risk its development position and shift the focus of its property allocation to more income generating assets.”
James Watson, Development Director at Panattoni, commented: “We are delighted to have worked with Savills IM and its client to secure a new outline planning consent on this key employment site in South East London. The site presented many development complications that were satisfactorily resolved to enable the outline planning permission to be granted. The onward sale of the site is a huge success for all parties concerned. Panattoni looks forward to delivering the final phase of the scheme with Savills IM in the coming months.”