This site was purchased in October 2017 from Barwood Capital and comprised 4.85 acres, set within the established and principal industrial and distribution area of New Lane Industrial Estate, close to the A27 with excellent access to the M27 and A3(M).
The attraction of this development project was reinforced by previous experience of undertaking development in the M27 corridor market. 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, particularly in the mid-size unit band, gave us added optimism.
The site already benefitted from planning permission for the proposed development at the time of acquisition and Velocity was developed speculatively.
Units 1 & 2 were let to the Sartorius Group in August 2020 and Unit 3 to IMC Pro Logistics in September 2021.
Timeline
- October 2017
Acquisition completed - March 2018
Marbank Construction appointed as build contractor - April 2018
Start on site on a speculative basis - June 2018
Launch of time lapse camera - April 2019
Practical Completion
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
