Birmingham-based industrial developer Graftongate is planning its biggest speculative scheme yet.
The company, run by former Savills industrial head Henry Angell-James and former ProLogis developers Phil Silk and Colin Beasley, has submitted plans for two warehouses totalling 313,700 sq ft in Dagenham.
The developers claim it will be the largest speculative start in east London, and hope to take advantage of occupier demand triggered by relocations from the Olympic site.
The scheme will be funded by the Abacus Partnership, a private equity partnership put together by Jones Lang LaSalle Corporate Finance. Hypo Real Estate Bank International will provide a loan facility of €28.8m (£19.5m).
Graftongate bought the 15.7-acre site from Kennet Properties, a subsidiary of German power company RWEnpower, in July for £12.3m.
The end value of the scheme is estimated at around £40m.
Jones Lang LaSalle and Savills are advising.
David Emburey, head of national industrial markets at Jones Lang LaSalle, said he was already in discussions with a potential owner-occupier.
References: EGi News 03/02/06
