August 8, 2016
Wrenbridge Land, funded by Palmer Capital is delighted to announce the sale of Graviton Park, Belvedere. The site was sold for £15.1m to clients of CBRE Global Investors upon Practical Completion of the development.
Graviton Park, is located in one of South East London’s prime industrial locations in Belvedere, which is within easy reach of the M25 and Central London. The scheme comprises three vacant units totalling c.108,000 sq ft of Grade A industrial accommodation.
Wrenbridge Land originally acquired the site for £2,130,000 in November 2014. Planning permission for the scheme was obtained in April 2015, and the scheme has now been built out providing one of South East London’s only new speculatively constructed industrial developments. Theproject was funded by The Palmer Capital Development Fund III, a programmatic joint venture with Palmer Capital and CBRE Global Investment Partners.
Jeff Wilson, Director at Wrenbridge Land, commented: “We are delighted to have completed the sale of Graviton Park to CBRE Global Investors. There is strong occupier demand in this location for this type of product and we believe the scheme will be a great success.”
Natalie Tanner, Senior Associate, CBRE Global Investors said: “With the ideal location of the park, we have acquired an asset that will have strong occupier demand and has the potential for good rental growth prospects. It also fits well with our investment strategy and increases our industrial weighting.”
Wrenbridge land was advised by Glenny and CBRE on leasing and Stonehill Partners on the sale. Wrenbridge Land are actively looking for sites similar to this one having recently purchased another site for speculative development in Belvedere. Please contact Jeff Wilson at Wrenbridge with any ideas for new warehouse development opportunities in and around London on 01223 845845.