Development Securities has acquired two properties in Ilford and Abbey Wood, both in Essex, from LPA receivers.
The 54,700 sq ft Ilford office block was bought with London & Continental Investments for £5.3m at a net initial yield of 5.9%. It is arranged over ground and six upper floors and includes 88 car parking spaces. The site has redevelopment options for a food-anchored, mixed-use scheme.
The 3.67 acre vacant industrial site in Abbey Wood was purchased in joint venture with investment and development company Berkshire Investment Capital for £2.75m. The existing site was originally purchased by Rock Investment in 2007 for £7.5m. DevSec has simultaneously entered into a joint venture with the adjoining land owner, Gallions Housing Association, to create a combined area of nine acres for mixed-use development.
DevSec plans to redevelop both sites into mixed-use schemes.
annabel.dixon@estatesgazette.com
