Tesco plans to develop 500,000 sq ft of regional distribution facilities in Essex after exchanging contracts with the London Development Agency to buy the freehold of 35.2-acres at Beam Reach 5 in Rainham.
The development by Spen Hill, an arm of Tesco, will begin as soon as planning permission has been obtained. The company will submit a planning application with London Borough of Havering imminently.
Beam Reach is situated alongside the A13 at the Marsh Way interchange, providing a gateway to east London. More than 900 jobs are expected to be created.
The LDA has agreed options for Tesco to purchase additional land at the 84-acre Beam Reach 5 site to enable further expansion.
CB Richard Ellis, Kemsley, and North Rae Sanders advised the LDA; Lambert Smith Hampton advised Tesco.