Paloma Capital and leading real estate developer, Graftongate, have joined forces to acquire a 2.31-acre site in North London from Lifestory.
The site, located at the corner of Brantwood Road and Willoughby Lane in Tottenham, currently comprises open storage land.
Graftongate and Paloma Capital plan to speculatively develop a prime multi-unit last mile logistics scheme on the site.
Positioned at the edge of the Meridian Water Masterplan area, the land provides direct access to the A406 North Circular via Angel Edmonton Road and easy access to junction 25 of the M25.
Paloma Capital and Graftongate have been working on projects together for more than three years and this will be their third scheme, the others being Exeter Trade Park in Marsh Barton and Banbury 200, a 200,000 sq ft former Jacobs Douwe Egberts distribution centre in Banbury.
Joe Froud, co-founder of Paloma Capital, said: “Warehousing remains the most attractive mainstream UK real estate sector and inner London has the greatest mismatch between supply and demand. This acquisition presents a very rare opportunity to develop a strategically located high quality last-mile logistics scheme to address this demand.”
Alex Thomason, development manager, Graftongate, said: “We are very pleased to have secured our third project with Paloma Capital, following acquisitions in Exeter and Banbury. There is a limited supply of land inside the North Circular Road for new build development opportunities. This site offers the potential to redevelop an underutilised open storage site into a first class logistics location with exceptional transport links, that we are confident will appeal to the occupational market.”
Graftongate and Paloma Capital were advised by Cushman and Wakefield. DTRE acted on behalf of the vendor.