Speculative warehouse scheme pending

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Curtis Real Estate and LaSalle Investment Management are looking to speculatively develop an industrial scheme in London.

The developer and fund have bought a 7-acre site on White Hart Lane in Tottenham on which they plan to build London’s first speculative industrial development in several years. The proposed scheme which is subject to planning comprises seven units, ranging from 10,000 sq ft-52,000 sq ft totalling 143,000 sq ft.

Curtis and LaSalle reportedly paid around £5m for the site, owned previously by electrical supplies company Bridisco, which went into administration in 2008.

CRE was founded by the former UK managing director of ProLogis, Alan Curtis, and his son Neil.

He said: “We expect this proposal to kick-start the return of shed development in London after several years of inactivity.”

Ben Wiley of Strutt & Parker, which advised LaSalle and CRE, added: “It has become clear that in key locations there is a very limited supply, with no pipeline development planned. When combined with unsatisfied requirements for new buildings, the market dynamics present the justification for new developments.”

The vendor, Ernst & Young, which was acting as the liquidator, was represented by CB Richard Ellis and Strettons.

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