Valor Real Estate Partners (“Valor”), on behalf of its clients, is pleased to announce that it has acquired a seven-acre site in Mitcham, located nine miles from Central London, with the intention to redevelop the existing 110,000 sq. ft. industrial estate into a grade A logistics park.
Subject to planning permission, the estate will be redeveloped to create a c.150,000 sq. ft. multi-let estate, catering to the deep and diversified small and midbox demand profile of the South London submarket. Alternatively, the site also has the potential to cater to single tenant build to suit requirements.
The asset is currently let on a short-term basis to multiple tenants and benefits from its close proximity to the A23 and M25, providing accessibility to both Central London and Greater London.
Cane Napolitano, Principal at Valor commented:
“I am very pleased to announce another UK acquisition and one that presents a significant opportunity for development in an extremely supply constrained submarket. Short and medium-term rental trends are strong in South London as industrial land is increasingly being converted to residential and other uses.
“Furthermore, the site should benefit from the intensification of existing residential land use in the surrounding area, through both the Merton Regeneration Project and Develop Croydon.”
Valor was advised by Dominic Whitfield, Savills, while the sell side was advised by Robert Bradley Smith, Altus Group.