Real estate investor and developer, Firethorn Trust, is set to develop its first last-mile industrial scheme, following the acquisition of a 4-acre site in Belvedere, South East London.
The speculative development marks Firethorn’s first venture into London’s logistics market, where it will deliver 94,000 sq. ft. of Grade A last mile logistics space.
The acquisition has now completed and work is set to commence this year. When complete, the expected GDV of the site will reach £45million.
Located within the Erith / Belvedere Industrial Zone, which is considered a major growth area and provides easy access to Central London, the M25 and the wider motorway network, a number of high-quality distributors currently neighbour the scheme, including Ocado, Tesco, Asda and Amazon.
This latest deal follows Firethorn’s recent acquisition of a 24-acre scheme in Barnsley, and takes its current development pipeline to more than 2.8 million sq. ft.
Dan Green, Associate Director at Firethorn Trust, commented: “Marking the first London development in our growing logistics portfolio, this acquisition is an exciting deal to kick-start 2022, and demonstrates our ambition for the future.
“As our national presence continues to grow, and we drive forward our commitment to quickly respond to occupier and investor needs, we have recognised the urgent demand for new, high-quality assets to effectively supply major cities across the UK.
“The Belvedere area is an ongoing focus of investment, with the new Crossrail, Silvertown Tunnel and Lower Thames Crossing completing in the next six years. As Grade-A logistics warehouse spaces across London and the rest of the country are expected to remain in short supply for the medium term at least, we are excited to bring the scheme’s delivery forward at pace.”