Pan-European logistics real estate specialist Verdion and L&G’s Industrial Property Investment Fund (IPIF) have jointly secured a new urban logistics development site within the London Borough of Greenwich’s West Thamesmead Opportunity Area.
Verdion will develop the site on behalf of L&G, which will be the asset owner. It is the first partnership between Verdion and L&G.
The 2.6-acre brownfield development opportunity, with a gross development value of £30m (€34m), is located on Nathan Way, part of the West Thamesmead/Plumstead Industrial Area and West Thamesmead Strategic Industrial Location.
The site will be developed speculatively to create an urban logistics scheme, providing 78,987sqft of new floorspace in six small to mid-box units ranging from 7,500sqft to 18,000sqft. The scheme will target BREEAM Excellent and energy performance certificates of A-plus, and include a whole-life carbon focus, high energy performance and resilience, as well as biodiversity positive measures and supply chain and site social safeguards.
Mark Garrity, development director UK at Verdion, said: “This acquisition is a significant milestone for our UK strategy, and its Thamesmead location sets a clear standard for Verdion’s future acquisition programme. High levels of demand are anticipated, both from displaced occupiers further north and west, and from new tenants attracted by inner South East London’s improved transport links.
“Our masterplan has been optimised to accommodate a wide range of sizes and uses to capitalise on this geographic shift and we are now ready to move forward with these speculative development plans targeting Q2 2027 completion.”
Matt Lilley, assistant fund manager of IPIF and head of industrial development strategies at L&G, said: “The acquisition of Nathan Way reflects our strategy of allocating to high growth industrial sub-sectors such as urban logistics, and allows us implement net-zero-carbon credentials from day one, future proofing the asset and providing high quality accommodation to an undersupplied London sub-market.”
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