In their first partnership, Taurus Developments and LaSalle Investment Management (‘La Salle’) have started work on site at ‘Genesis’, a new five-acre industrial development site in Basildon, Essex.
The greenfield site on Endeavour Drive is located within the established industrial and distribution Cranes Farm Industrial Estate, adjacent to the A127 London–Southend link road.
The partnership will bring forward a new speculative scheme comprising 95,500 sq ft of industrial/warehouse space in four detached units ranging from 13,750 sq ft – 36,000 sq ft.
The site was acquired in March 2017 following receipt of detailed planning consent which was granted in January 2017. Practical completion is scheduled for the end of 2017 and the units will be available for occupation in early 2018.
Michael Gibbens, Managing Director of Taurus Developments, commented:
“Employment land in strong, established south-east locations is becoming increasingly hard to find and Genesis is a perfect fit for La Salle’s targeted investment strategy.
“This is a rare opportunity in a very under-supplied market and our decision to bring forward development on a speculative basis is a response to this increasing issue. We are confident that with strong demand already indicated, we hope to have occupiers secured ahead of completion at the end of the year.”
Knight Frank and Glenny have been appointed to market the scheme.