LondonMetric buys Crawley distribution development site

LondonMetric has bought a four acre site in Crawley to develop around 100,000 sq ft of distritbution space at a cost of approximately £20m.

The FTSE 250 company said the site, which has been purchased for £7.6m, is located on a prime South East urban logistics estate less than one mile from Gatwick Airport. Planning for the new scheme is expected by the end of this year with build completion anticipated in the first quarter of 2018.

It is expected to generate a rent of £1.3m per annum.

Chief executive officer Andrew Jones said: "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."