Valad Europe, the European multi-let real estate investment manager, announces the completion of its £33 million (approx. 36.9 mln.), 35,000-m², io Centre Woolwich development, with the sale of the last remaining unit to Faircloth Limited.
Targeting small and medium sized enterprises, all phases of the development were fully occupied within 15 months of completion, helping the LDA meet its objectives of stimulating the local economy by attracting businesses to the area and creating local jobs. The high specification of the development saw phase four winning the '2006 IAS best multi-let unit development of the year' award.
Given the history of the site, which dates back to the 17th century and was used as an armaments factory up until 1967, it was no surprise that items of historical significance would be found, and this included the discovery of cannons dating back to the Napoleonic era.
Philip Oakley, Valad's Development Manager, commented: "This is an important milestone in the lifecycle of one of London's significant regeneration development projects. Valad has worked closely with the LDA to develop 60 industrial units and office space that match the requirements of the target occupier market of small and medium sized businesses, resulting in the creation of many new local jobs."
The completion comes at a time of continued success for Valad with the io Centres, having recently secured a top rent at the io Centre, Croydon development, which it manages on behalf of GE Capital Real Estate.
Source: Tavistock Communications