11 June 2021
Bradda Capital, the UK real estate investment adviser, has sold a prime last-mile logistics site in south east London to Evo Industrial for more than £8 million.
The 3.4-acre site, One Church Manorway, is located in an established industrial area in Erith and has significant development potential. In September 2020, Bradda obtained planning consent to demolish the current 37,662 sq ft warehouse and to construct a new 60,687 sq ft facility with a BREEAM sustainability rating of “Very Good”.
Bradda was advised by BNP Paribas Real Estate and Glenny.
David Phillips, managing director of Bradda Capital, said: “We are delighted with the level of bidding interest in the site, which reflected the strength of the logistics real estate market.
“It is an investment that we bought 10 years ago for income with an eye on the growing demand for warehousing in the London area. With leases at expiry we realised the potential for adding significant value by securing planning consent for a much larger facility of more than three times the volume”.
FOR FURTHER INFORMATION:
David Phillips 01444 472530
Tavistock (PR adviser)
James Whitmore 0207 920 3150
NOTES TO EDITORS:
Founded in 2018, Bradda Capital, and its predecessor, Commercial Management Ltd, have sourced and assisted with structured investment and financing of UK commercial real estate on behalf of the same investors for more than 30 years. They have created several institutional-size portfolios of London and regional offices, shopping centres, warehouses and elderly care, the latter consisting of the Retirement Villages Group, which was sold to AXA IM - Real Assets in 2017.