Verdion and L&G’s Industrial Property Investment Fund (IPIF) have acquired a 2.6-acre urban logistics development site in the West Thamesmead opportunity area for an undisclosed price.
Verdion will be responsible for the development of the £30m GDV scheme on behalf of asset owner L&G. The brownfield site is located on Nathan Way and is part of the West Thamesmead/Plumstead industrial area and West Thamesmead strategic industrial location.
The scheme, which will be developed speculatively, will provide 78,987 sq ft of floorspace across six small- to mid-box units ranging from circa 7,500 sq ft to 18,000 sq ft. The units will be built to achieve BREEAM Excellent and EPC A+ ratings.
Mark Garrity, development director UK at Verdion, said: “This acquisition is a significant milestone for our UK strategy and its Thamesmead location sets a clear standard for Verdion’s future acquisition programme. High levels of demand are anticipated, both from displaced occupiers further north and west, and from new tenants attracted by inner South East London’s improved transport links. Our masterplan has been optimised to accommodate a wide range of sizes and uses to capitalise on this geographic shift and we are now ready to move forward with these speculative development plans targeting Q2 2027 completion.”
Matt Lilley, assistant fund manager of IPIF and head of industrial sevelopment strategies, added: “The acquisition of Nathan Way reflects our strategy of allocating to high growth industrial sub-sectors such as urban logistics and allows us implement net zero carbon credentials from day one, future proofing the asset and providing high quality accommodation to an undersupplied London sub-market.”
CBRE, DWF and Macfarlanes advised the purchasers and Glenny advised the vendor.
