Logicor has acquired a 1.35-acre logistics site in West Molesey, Surrey, to unlock a four-acre logistics development.
Occupying a corner lot at 29 Central Avenue on West Molesey Trading Estate, the site was purchased with vacant possession from Marchmont Investment Managers and NW1 Partners for £8.1m.
Marchmont acquired the site, which is 9 miles from Heathrow Airport, in December 2021 for £5.025m, with the building fully let.
The plot is adjacent to the recently acquired Signal House and, along with a 1.68-acre site at Armfield Close, will be redeveloped as a four-acre, multi-unit industrial and logistics facility. Once developed, the scheme will provide around 90,000 sq ft of logistics space.
Charlie Howard, UK managing director at Logicor, said: “As we continue to grow our UK portfolio, we have a number of exciting development opportunities across our multi-let, mid-box and big-box schemes, including here at West Molesey. This latest site is part of our company-wide, active asset management strategy to facilitate our customers’ growth objectives.”
David Boyle, director at NW1 Partners, added that the deal illustrated “the ongoing strength of the last-mile logistics market in Greater London”.
Works on the redevelopment are scheduled to begin in 2023.
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