LaSalle acquires development site in Havant

Forsters has advised LaSalle Investment Management (“LaSalle”) on the purchase of a 4.85 acre development site known as Velocity and located on Stanbridge Road in Havant. The seller was Barwood Capital.

The site is located in an established industrial area and has the benefit of outline planning permission for a 101,726 sq ft speculative industrial/warehouse scheme, comprising one detached and two semi-detached units. Taurus Developments has been appointed as Development Manager. Construction is due to start in the first quarter of 2018, with completion before the end of the year. The gross development value is over £14 million.

Chris Fry, Fund Manager at LaSalle said: “This acquisition continues our fund’s strategy of increasing exposure to the industrial sector through development.  This is the second project that we have undertaken with Taurus, and I am confident in letting the new space we will be delivering into what we believe to be an undersupplied market on the south coast.”

Commercial Real Estate partner Glenn Dunn advised LaSalle on the acquisition, assisted by senior associate Emma Jay. Senior associate Richard Spring advised in relation to construction matters.