LaSalle, Curtis JV to acquire London industrial site

LaSalle Investment Management and Curtis Real Estate (CRE) have partnered to acquire a prime industrial site on White Hart Lane, Tottenham. The proposed scheme is believed to be one of the first major developments of industrial space in Greater London for several years.

Subject to planning approval, the 7-acre (28,300 m2) site will be developed by CRE to comprise 13,300 m² in seven units. The site was previously owned by Bridisco, the electrical supplies company, which went into administration in 2008.

LaSalle, which has made the acquisition on behalf of the Northern Ireland Local Government Officers Superannuation Committee (NILGOSC), believes that the site offers strong investment opportunities as there is a growing requirement for more high-quality industrial units within Greater London.

'A lack of development in the industrial sector in recent years means that there is a shortage of new space so now is the right time in the property cycle to acquire well located land for future development,' said Chris Fry, director of LaSalle.

Alan Curtis, founder of CRE added: 'Despite the current economic slowdown there remains a healthy volume of unsatisfied industrial requirements for occupiers looking for new premises closer to central London and whose businesses need to remain within the North Circular. We expect this proposal to kick-start the return of shed development in London after several years of inactivity.'

Strutt & Parker advised LaSalle and CRE. The vendor, Ernst & Young (acting as the liquidator) was represented by CBRE and Strettons.