Taurus Developments and LaSalle Investment Management worked in partnership for our debut development project together. In December 2015, we exchanged contracts to purchase Site 16c, Endeavour Drive from the Homes and Communities Agency.
The site comprised 5.81 acres gross/4.82 acres net and is set within the established industrial and distribution location of Cranes Farm Industrial area, adjacent to the A127 London – Southend link.
The attraction of this development opportunity was reinforced by previous experience gained of undertaking development in Basildon. In addition, the general lack of development opportunities in this market at the time, together with an established logistics and industrial occupier base and perception of latent occupier demand, gave us added optimism.
Detailed planning permission was granted in January 2017 and the site acquisition completed in March 2017. Genesis was developed on a speculative basis commencing in June 2017 in four detached units ranging from 13,000 sq ft – 35,000 sq ft. with practical completion achieved in January 2018.
Leasing of individual units to four occupiers occurred between December 2018 and October 2020.
Timeline
- December 2015
Acquisition exchanged - February 2016
Detailed planning application submitted - January 2017
Detailed planning permission granted - March 2017
Acquisition completed - June 2017
Construction on site commenced - January 2018
Practical completion of speculative development - December 2018
Unit 2 let to Walker Precision Engineering Limited and Unit 3 let to Shield Fire, Safety and Security Limited - May 2019
Unit 4 let to MHS Radiators Limited - October 2020
Unit 1 let to Oak Furnitureland
LaSalle Investment Management has worked successfully with Taurus over the last four years and in that time Michael Gibbens has delivered two very successful schemes. Michael is extremely pragmatic in his approach and brings considerable experience, knowledge, skill and professionalism; optimising a project outcome and delivering significant value. He is also a trusted partner and it has been a pleasure working with him.
Andrew Derry Development Director, LaSalle Investment Management
