Lothbury Investment Management, on behalf of Lothbury Property Trust, has secured planning consent for the £20 mln (€22.7 mln) development of four industrial units in the UK.
The units are located close to London Heathrow Airport and total 6,968 m2.
The proposal calls for demolishing the current structures, which are mostly from the 1960s and 1970s and are situated on a 1.4-hectare plot, in order to establish a new, ‘best in class,’ multi-let industrial estate that will target BREAAM Excellent and Net Zero Carbon in Construction.
Adam Smith, executive director at Lothbury Investment Management, said: ‘The development of this estate will provide a high-quality product that will enhance both the returns and the ESG credentials of the Fund. The occupier base in this location is widening beyond solely airport-related businesses due its proximity to London and the national motorway network. The supply-demand dynamics will support strong rental growth over a significant time horizon.’
Lothbury also owns three more units on the same estate as well as a modern single-let distribution unit on the adjacent site.
Colndale Road features excellent access to London Heathrow airport cargo terminal, junction 14 of the M25 and the M4.
