Royal London Asset Management Property has partnered with Graftongate to acquire a 8-acre industrial development site in Teddington from LGC Group for an undisclosed price.
The joint venture partners intend to develop a circa £90m GDV multi-let industrial development on the freehold site.
Matthew Barnes, senior industrial asset manager at Royal London Asset Management Property, said: “Teddington is another important acquisition in our strategy to grow Royal London Asset Management Property’s industrial development pipeline. This presents a great opportunity for us to increase our exposure to London, where we are seeing continued occupational demand. We look forward to working alongside Graftongate again, to create a highly sustainable development which we intend to hold as a long-term investment.”
Paul Hanley, development director at Graftongate, added: “This acquisition provides an exciting opportunity to deliver a multi-let scheme in a prime South West London location. Graftongate has considerable experience across the Greater London market, where we have gained a track record for developing high-quality, sustainable industrial and logistics accommodation. We look forward to furthering our partnership with Royal London Asset Management in bringing forward plans for the site’s redevelopment.”
