March 2, 2015
LaSalle Investment Management (“LaSalle”) has announced the acquisition of a 3.9 acre site on Kimpton Industrial Park, Sutton, as well as a funding agreement in partnership with Salmon Properties to speculatively develop a 78,000 sq ft distribution facility.
The £15 million development will comprise two units including a single 78,000 sq ft warehouse incorporating two-storey offices, car parking, a secure service yard, full access and dock level doors. A second unit of approximately 15,720 sq ft will also be developed for the London Borough of Sutton.
Salmon Properties purchased leasehold interests on the estate and obtained planning permission in August 2014. Construction is now underway and the units will be completed in December 2015.
Kimpton Industrial Park attracts predominantly light industrial and distribution occupiers and is located in Sutton, approximately 12 miles to the south west of central London. The park has immediate access to the A217 and A24 and is within 10 miles of the M25, 12 miles of the M4, and 23 miles of the M3.
Letting agents, JLL and Stiles Harold Williams will be quoting £13.50 per sq ft.
HSM and Michael Le Gray & Co acted for Salmon; Cyril Leonard is advising on the funding and supervision of the development on behalf of LaSalle Investment Management.
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