Commercial real estate investor and developer, Firethorn Trust, is expanding its London logistics portfolio with the acquisition of a 4.3-acre site in Rainham.
The speculative development was acquired from Ryder Ltd and will deliver 97,000 sq. ft. of Grade A last mile logistics space.
The acquisition has now completed, and work is set to commence in Q1 2023. The site is expected to reach PC in Q3 2023 with a GDV of £52.5million.
The scheme marks Firethorn’s second venture into London’s logistics market, following the acquisition of a 4-acre site in Erith, south east London, earlier this year. This latest deal takes Firethorn’s current development pipeline to more than 3.84million sq. ft.
Located in east London on the bank of the River Thames, the Rainham development provides easy access to Central London, the M1/M25 and wider motorway network.
Dan Green, Associate Director at Firethorn Trust, said: “This is an exciting milestone for Firethorn as we continue to expand our last-mile London logistics portfolio.
“We know that there is strong occupational demand for last-mile developments in strategic London locations, offering excellent connectivity in the capital and to major cities across the UK. Our developments in Rainham and Erith will strengthen and complement our growing national portfolio, and further establishes our commitment to build modern and highly-sustainable logistics warehousing that meets occupier and investor needs.
“This is a significant acquisition and demonstrates our continued ambition to deliver best-in-class Grade A logistics space. We look forward to bringing the development to completion.”
Firethorn Trust was advised by SpringerNicolas.