14-Acre Belvedere acquisition gives SEGRO new scale in south east London
SEGRO has completed the acquisition of a 14-acre industrial estate in Belvedere providing it with a strategically important foundation in the Belvedere sub-market and new significant scale in south east London, as well as opportunities to help drive regeneration and create employment in the area.
The estate has been purchased off-market from a private seller for an undisclosed price, and includes an opportunity to acquire a further adjacent six-acre plot. SEGRO intends to redevelop the site on a phased basis between 2022 and 2027, delivering a mix of best-in-class, sustainable, light industrial and urban distribution units.
The site is located in the Belvedere Industrial Area in the London Borough of Bexley, an established location which is home to a mix of users including food and beverage, trade and builders’ merchants, e-commerce and parcel delivery. Local occupiers include Amazon, Tesco, Ocado, ASDA, Lidl and Iron Mountain.
Alan Holland, Managing Director for Greater London, SEGRO said:
“The purchase of this industrial estate in the Belvedere sub-market will complement our existing Greater London portfolio and supports our urban growth strategy in south east London.
“The site provides strong future growth potential given the large-scale residential development, future regeneration plans, infrastructure improvements and loss of existing industrial land, particularly in nearby Charlton and Woolwich. In this context we believe there will be strong demand for sustainable, Grade A buildings in the area for urban logistics and light industrial uses which we will be able to help meet through this redevelopment, creating new employment opportunities at the same time.”
The site redevelopment will align with the company’s Responsible SEGRO priorities to enable it to make the greatest business, environmental and social contribution to its local areas. The redevelopment will be net zero carbon and will include a range of environmental sustainability features. Improved building and wellbeing facilities will be included providing important amenity and outdoor space for those working on the estate.
Notes to editors:
SEGRO was advised on this transaction by Montagu Evans LLP.
SEGRO is a UK Real Estate Investment Trust (REIT), listed on the London Stock Exchange and Euronext Paris, and is a leading owner, manager and developer of modern warehouses and industrial property. It owns or manages 8.8 million square metres of space (95 million square feet) valued at £17.1 billion serving customers from a wide range of industry sectors. Its properties are located in and around major cities and at key transportation hubs in the UK and in seven other European countries.
For over 100 years SEGRO has been creating the space that enables extraordinary things to happen. From modern big box warehouses, used primarily for regional, national and international distribution hubs, to urban warehousing located close to major population centres and business districts, it provides high-quality assets that allow its customers to thrive.
A commitment to be a force for societal and environmental good is integral to SEGRO’s purpose and strategy. Its Responsible SEGRO framework focuses on three long-term priorities where the company believes it can make the greatest impact: Championing Low-Carbon Growth, Investing in Local Communities and Environments and Nurturing Talent.