CUBE RE (Cube) has acquired a 2.2-acre development site in Manor Royal, Crawley, on behalf of the Hathaway Opportunity Fund (HOF), its joint venture with NFU Mutual.
The gateway site, which currently houses approximately 50,000 sq ft of warehouse and office space, has been purchased freehold from the owner and previous occupier for an undisclosed price.
Planning is due to be submitted in Q2 2025 for the redevelopment of the site to provide approximately 100,000 sq ft of multi-let warehouse and self-storage space. Subject to planning, completion of the £30m GDV scheme is expected in 2026.
Nic Lowry, investment director at Cube, said: “Following the acquisition and subsequent leasing of other industrial and logistics properties within our Hathaway Opportunity Fund – including Hathaway 89, Warrington and Hathaway 32, Poyle – we are pleased to secure this strategic site to commence our development pipeline to provide highly sustainable business space to serve the industrial and logistics market. The planning process for the site is already progressing, currently in the pre-app stage, and prior to acquisition we successfully secured a short-term letting of the existing building to ensure occupation and income during the planning process.”
George Hardcastle, founder of development manager HDL Estates, added: “We’re delighted to be working in partnership with Cube RE in delivering a best-in-class sustainable development within an unquestionably prime location.”
Haslams advised Cube/HOF on the acquisition and CBRE advised the vendor. Gowling WLG represented HOF on legals. SHW and FTD Johns represented Cube/HOF on the short-term letting.
