LaSalle Investment Management (‘LaSalle’) has acquired the former GlaxoSmithKline (‘GSK’) site at Manor Royal, Crawley for a sum of £9 million.
LaSalle Investment Management has appointed Exton Estates as development manager. LaSalle and Exton are planning to demolish the existing buildings and will be seeking pre-let agreements for the B1/B2/B8 scheme of up to 500,000 square feet.
John Yeend, Director, LaSalle Investment Management said, “This is a significant acquisition for LaSalle on behalf of our clients. The Manor Royal site is the only site on the southern stretch of the M25 that can accommodate 500,000 square feet of warehousing. We will be investing significantly in this development, which in turn will attract new businesses to Crawley and the surrounding area.”
James Mawson, Director, Exton Estates said, “We are delighted to be working with LaSalle on this exciting site. We are intending to demolish the existing buildings immediately, submit planning by the end of the year and seek pre-lets for large units in 2012.”
Gerald Eve industrial partner Mark Trowell who advised LaSalle said: “The acquisition of the 30 acre development is the largest commercial land purchase in the South-East this year.”
GSK was advised by Jones Lang LaSalle. Dowley Turner Real Estate also advised LaSalle.