Hathaway Developments has purchased a 2.5-acre development site in Manor Royal, Crawley, on which it will build a £28m GDV logistics scheme.
The acquisition, which was made in partnership with a private investment company as part of its opportunity fund, is the third completed by Hathaway in the past 18 months and brings its development pipeline to almost 200,000 sq ft with a GDV of circa £100m.
Hathaway will shortly submit detailed planning for a 110,000 sq ft multi-let logistics terrace on the Manor Royal site and a bespoke self-storage unit, which has been pre-let. Completion is expected in 2026.
George Hardcastle, founder of Hathaway Developments, said: “We’re delighted to be working with our new funding partners and delivering a best-in-class sustainable development within an unquestionable logistics location. Limited supply of new build multi-let units, headline rents recently achieved and de –risking the self-storage component make this a very exciting opportunity.
“Looking forward the business plan is to capitalise on further opportunities. We have both the resources and funding partnerships in place to acquire two- to 25-acre sites across the UK to build speculative industrial and logistics led schemes. However, we remain open minded and adaptable to respond to ever changing market conditions and occupational requirements as we successfully demonstrated in Bracknell.”
Haslams advised Hathaway on the acquisition.
