Legal & General Investment Management (LGIM Real Assets) has acquired a 6.2-acre freehold estate in Horsham, West Sussex on behalf of its Industrial Property Investment Fund (“IPIF”).
LGIM Real Assets and its development partner, Graftongate, plan to speculatively develop a prime multi-unit industrial/logistics scheme on the site of Wilberforce House in Southwater, south of Horsham town centre.
The proposed scheme would see the development of seven new warehouse units totaling almost 100,000 sq ft, including integral office space. The scheme will target EPC A+, BREEAM Excellent and operational net zero carbon.
Wilberforce House is currently let in its entirety to the RSPCA, which is relocating to smaller premises. LGIM Real Assets and Graftongate plan to develop the scheme on receipt of vacant possession in Q1 2023.
Jonathan Holland, senior fund manager for LGIM Real Assets, said: “The purchase presents an excellent opportunity to acquire a development site to provide Grade A industrial stock in a supply constrained market and a sector where occupational demand is booming, and rental growth is set to follow. On expiry of the lease, this will be one of the most valuable development sites in West Sussex.”
Alex Thomason, development manager at Graftongate, said: “The redevelopment of the Wilberforce House estate offers an excellent opportunity to deliver high quality industrial/logistics accommodation in an established commercial location. The property occupies a prime position on Wilberforce Way and benefits from excellent transport links, being easily accessible via the A24 dual carriageway. We expect the scheme to generate significant interest from prospective occupiers.”
Savills and Clay Street acted on behalf of LGIM Real Assets and Graftongate, the vendor was represented by Carter Jonas.