Avanton launches agent hunt for first logistics site

Avanton has begun the search for contractors and letting agents for its debut logistics site in Battersea, SW11, which has a gross development value of £30m. The investor-developer said it is in talks with various specialist contractors on redeveloping the site, at 105 Culvert Road, and has begun the tender process to appoint letting agents. Contractors are being asked to provide a zero-waste strategy statement, with ESG credentials serving as a key factor in the selection process. Wandsworth Council granted full planning permission for the redevelopment last month. Under the plans, the site will provide 36,500 sq ft of multi-level logistics for Class E and B8 uses. It will replace 128 storage and small workshop spaces at the premises. The proposals include three industrial buildings with units sized between 2,150 sq ft and 5,860 sq ft across ground, first and second floors. Avanton said there is scope for a single operator to lease the entire complex if required. Avanton bought the site in June last year at a net initial yield of 7.5%. The developer forecasts an increased annual income of around £1.4m for the property. Ingenious Real Estate is supporting the development finance for the project. The scheme is designed by Boehm Lynas Architects, and it is targeting a BREEAM Outstanding rating. Works on the site are expected to finish in H2 2024. Omer Weinberger, chief executive of Avanton, said: “This logistics site has fantastic potential, with a range of unit sizes and good accessibility. There is a shortage of inner-city warehousing especially, and our new logistics complex will meet some of this demand. “Our investment appetite is not limited to residential development and this site presented an unmissable opportunity. We are already experiencing strong interest from occupiers and will shortly be bringing the site to the market to secure prelettings ahead of completion of the development next year.” To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews Compare and explore the Battersea market >> Photo © Avanton