Bradda Capital, the UK real estate investment adviser, has sold a prime last-mile logistics site in south east London to Evo Industrial for more than £8 million.
The 3.4-acre site, One Church Manorway, is located in an established industrial area in Erith and has significant development potential. In September 2020, Bradda obtained planning consent to demolish the current 37,662 sq ft warehouse and to construct a new 60,687 sq ft facility with a BREEAM sustainability rating of “Very Good”.
Bradda was advised by BNP Paribas Real Estate and Glenny.
David Phillips, managing director of Bradda Capital, said: “We are delighted with the level of bidding interest in the site, which reflected the strength of the logistics real estate market.
“It is an investment that we bought 10 years ago for income with an eye on the growing demand for warehousing in the London area. With leases at expiry we realised the potential for adding significant value by securing planning consent for a much larger facility of more than three times the volume”.
Ivan Scott, Divisional Partner at Glenny, adds: “An example of great teamwork, this transaction was concluded successfully thanks to the hard work of everyone involved. David is right to say that the level of interest is indicative of current market conditions, but it also says a lot about Bradda Capital’s ability to identify opportunities to add value at a time when opportunities like these are in low supply.”