LondonMetric Property has paid £7.4 million for a four-acre site in Crawley to develop a 100,000 sq ft of distribution scheme in the much sought after South East region near Gatwick Airport.
Planning for the new £20 million scheme is expected by the end of this year, with build completion anticipated in 2018. The scheme is expected to generate a rent of £1.3 million a year.
Andrew Jones, chief executive of LondonMetric, 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.”
LondonMetric was advised by Volume Developments, which will continue to act as its development partner.