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LondonMetric strenghtens distribution portfolio with £7.6m plot near Gatwick

Property developers LondonMetric Property plc have stumped up £7.6m for a logistics base that sits within touching distance of Gatwick Airport.

The four acre site is situated in Crawley at a major South East urban logistics estate located less than a mile from the West Sussex airport.

Plans are already being drawn up for a new 100,000 sq ft distribution warehouse facility that the FTSE 250-listed firm hopes to have approval for by the end of the year, ahead of a projected completion date in the first quarter of 2018.

LondonMetric is anticipating ‘strong demand’ for the new centre, with the scheme expected to generate rent of around £1.3m per annum.

Commenting on today’s acquisition, Andrew Jones, Chief Executive of LondonMetric, said: “There is a chronic lack of Grade A supply around Crawley together with significant occupier demand for modern distribution space in the area, and so we anticipate strong occupier interest.

“This latest acquisition increases our committed and pipeline developments and, once completed, will add to our growing portfolio of depot and regional distribution centres.”

The property developer has been growing its portfolio of depots and logistics centres in recent months, having purchased three distribution centres, including a facility let to toy store Hamley’s, in a £21.6m deal back in March.

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