DJ LondonMetric Property PLC Purchase of Crawley Distribution Development site
LondonMetric Property Plc (“LondonMetric”) announces that it has purchased a four acre site in Crawley to develop approximately 100,000 sq ft of prime distribution space at a cost of cGBP20 million, reflecting a yield on cost of c6.3%.
Located on a prime South East urban logistics estate less than one mile from Gatwick Airport, the site has been purchased for GBP7.6 million. Planning for the new scheme is expected by the end of this year with build completion anticipated in the first quarter of 2018.
The scheme is expected to generate a rent of GBP1.3 million p.a.
Andrew Jones, Chief Executive of LondonMetric, commented:
“There is a chronic lack of Grade A supply around Crawley together with significant occupier demand for modern distribution space in the area, and so we anticipate strong occupier interest.
“This latest acquisition increases our committed and pipeline developments and, once completed, will add to our growing portfolio of depot and regional distribution centres.”
Located on a prime South East urban logistics estate less than one mile from Gatwick Airport, the site has been purchased for GBP7.6 million. Planning for the new scheme is expected by the end of this year with build completion anticipated in the first quarter of 2018.
The scheme is expected to generate a rent of GBP1.3 million p.a.
Andrew Jones, Chief Executive of LondonMetric, commented:
“There is a chronic lack of Grade A supply around Crawley together with significant occupier demand for modern distribution space in the area, and so we anticipate strong occupier interest.
“This latest acquisition increases our committed and pipeline developments and, once completed, will add to our growing portfolio of depot and regional distribution centres.”