A joint venture of Credit Suisse, Chancerygate, and Hines has acquired a Dagenham-based industrial site from Rexel UK, an electrical distributor.
The six-acre site is set to be redeveloped into a modern, purpose-built logistics and supply centre.
A 165,000 sq ft industrial scheme is set to be developed, comprising 20 units that would range from 3,000 sq ft to 33,000 sq ft.
Len Rosso, head of industrial and logistics at Colliers International, who managed the deal, said: “This year has shown the need for good quality industrial space across the country as supply logistics have been tested like never before.
“We have a historic issue of low-supply of industrial stock, so the development of speculative, modern industrial space in this east London location will help to meet the growing needs of the industry.”
A mix-use project that included 450 homes had been proposed to local planners. However, this has been rejected by the Greater London Authority.
James Burke, associate director in the residential team at Colliers, said: “We had been hopeful, given the initial guidance from the local authority, this site could have been maximised further as an opportunity for a mixed-use scheme.
“However, regional planning restrictions meant this was not a viable option for this site.”