The proposed scheme is believed to be one of the first major
developments of industrial space in Greater London for several
Subject to planning approval, the seven-acre site will be
developed by CRE to comprise 143,000 square feet in seven units
ranging from 10,000 to 52,000 square feet. The site was previously
owned by Bridisco, the electrical supplies company.
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.
Chris Fry, Director, LaSalle Investment Management said, "A lack
of development in the industrial sector in recent years means that
there is a shortage of new space so is now the right time in the
property cycle to acquire well-located land for future
"We are confident that in partnership with CRE, our development
of the Tottenham site will be attractive to potential tenants and
will provide strong returns for the NILGOSC. The industrial sector
has been starved of investment for a considerable period which is
why developments such as this are well placed to meet an upswing in
demand as the UK economy stabilises."
Alan Curtis, founder of Curtis Real Estate said, "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."
Ben Wiley of Strutt & Parker, which advised LaSalle and CRE,
added, "Strutt & Parker are very proud and excited to be
involved in identifying where and how to kick off the next
development cycle. It has become clear that in key locations there
is a very limited supply, with no pipeline development planned.
When combined with unsatisfied requirements for new buildings, the
market dynamics present the justification for new