Buccleuch Property completes £11.3m sale of a South East London site

Buccleuch Property has completed a forward sale of its £11.3m Axion Building in Belvedere.

This is to Orchard Street Investment Management, who were acting on behalf of St James’ Place UK plc.

In conjunction with Wrenbridge Land, Buccleuch acquired the site unconditionally in March 2017 and obtained planning permission for a standalone 68,072 sq ft industrial development in July this year.

Neil Finnie, of Buccleuch Property, commented: “We are delighted to finalise the sale of the Axion site to Orchard Street Investment Management and look forward to delivering the development.

“The site will further cement Belvedere as a key industrial location in South East London and will help to address an acute shortage of high quality industrial accommodation in the area.”

The Grade A warehouse is situated in close proximity to the Docklands, Central London and the M25 making it strategically placed for both regional and urban distribution. Existing occupiers within close proximity to the site include Amazon, Ocado and Lidl.

The high quality development is designed to deliver a BREEAM ‘Very Good’ rating and its combination of low running costs and high environmental sustainability aims to make it attractive to potential occupiers.

Ewen MacLeod, of Wrenbridge, added: “This is the latest success in warehouse deals in the South East. Now the hard work begins in actually delivering the building which will start this December.”

Work at the Axion building is due to start in December 2017, and with practical completion expected by summer 2018.

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