LaSalle Investment Management and David Keir’s Roxhill have teamed up to speculatively develop sheds in the supply-starved South East.
The pair will develop 360,000 sq ft of warehouse space across two sites with a total development value of £32m.
Two sheds of 100,000 sq ft and 70,000 sq ft are planned for an 8.4-acre site at Gateway Basildon in Essex.
The jv will also develop three sheds of between 40,000 sq ft and 90,000 sq ft at a 10-acre site at Invicta, Aylesford in Kent.
Construction is due to begin in January and complete in summer 2014.
Jones Lang LaSalle research shows immediately available shed space is below the South East’s average annual take-up over two years of circa 11m sq ft.
Roxhill was in talks over a tie-up with Scottish Widows Investment Partnership last year for a 310,000 sq ft speculative warehouse at in Northamptonshire, but those ended after a prelet was secured.
Prologis fired the starting pistol this summer on 500,000 sq ft of speculative development across two projects in Dunstable and Ryton. IM Properties also plans 334,500 sq ft speculatively at Birch Coppice Park in Staffordshire.
CBRE advised on forming the jv. Letting agents are JLL and Altus Edwin Hill for Basildon, and Montagu Evans and Altus Edwin Hill for Aylesford.
chris.berkin@estatesgazette.com
