Logicor, a leading owner and manager of logistics real estate in Europe, has acquired a strategic development site in West Molesey which will form part of its wider development plans in this established, South West London industrial area.
Occupying a prominent corner location on West Molesey Trading Estate, 29 Central Avenue - totalling 1.35-acres - has been purchased with vacant possession from Marchmont Investment Managers and NW1 Partners.
The plot sits adjacent to Signal House, also recently acquired by Logicor, which along with its 1.68-acre site at Armfield Close will be combined to redevelop the total 4-acre site into a new, multi-unit industrial and logistics scheme. Plans are currently being drawn up to create a best-in-class, sustainable development to fulfil the demand for new, high-quality business space to suit occupier requirements in this last-mile logistics location, with a start on site expected in 2023.
Charlie Howard, Logicor’s Managing Director, UK, comments: “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, providing the right business space for our whole customer base.”
David Boyle, Director at NW1 Partner, comments: “We are pleased to report another successful outcome with our long-standing partners Marchmont Investment Management, yet again illustrating the ongoing strength of the last mile logistics market in greater London.”
Cameron Fraser, Director at Marchmont, comments: “The opportunity to trade the asset with vacant possession highlights the continued strength of the London urban logistics market and offers Logicor an opportunity to strengthen their foothold within the estate”.
In addition to this combined site, Logicor recently commenced the extensive refurbishment of Unit 3 Central Avenue, its existing 18,000 sq ft detached warehouse in West Molesey which will be available to occupy in Q4 2022.