L&G’s Managed Fund has continued its foray into the logistics sector, securing consent for a warehouse in west London.
Hounslow Council has approved L&G’s plans to deliver an 88,000 sq ft logistics facility at West Cross Industrial Estate in Brentford, which it expects to complete in the summer next year.
The net zero carbon development will be all-electric with on-site photovoltaic cells. It will have 25% on-site EV parking, with the infrastructure in place to increase that to 56%.
Rob Codling, senior fund manager, said: “The site represents a rare and exciting redevelopment opportunity in a highly sought-after location, and fits with the fund’s strategy to hold best-in-class industrial assets with strong sustainability credentials.”
L&G recently acquired the Tradeway Centre at 17 Kimpton Park Way in Sutton for £38m, which reflected a yield of 5.81%.
Cushman & Wakefield’s report for Q3 highlighted the potential for strong returns in the industrial and logistics sector in London and the South East, where prime yields are 4.7% and 5% respectively compared to the national average of 5.4%.
Industrial planning in Hounslow >>
Image © Chetwoods & Plan B Visulisation
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