June 8, 2017
Palmer Capital and Wrenbridge are delighted to announce the acquisition of a site on Crompton Way, Manor Royal Industrial Estate, Crawley for c. £5m on behalf of the recently launched Palmer Capital Development Fund IV, a programmatic joint venture with clients of CBRE GIP.
The site comprises 2.1 acres on one of the South East’s most established and recognised industrial areas, prominently located 5 minutes from Gatwick Airport and in close proximity to both the M23 and M25. The business plan is to secure a detailed planning permission for two semi-detached industrial units comprising 53,111 sq. ft. in total, and to undertake a speculative development.
Chris Button, Director, Head of Value Add REIM at Palmer Capital commented:
“This scheme fits perfectly within the current portfolio of assets within the Palmer Capital Development Fund IV. This site sits within a prime position in Crawley and will provide much needed Grade A industrial stock of which there is a severe lack of supply and known occupier interest.”
Ewen Mcleod, Director at Wrenbridge commented:
“We are delighted to have secured the site and still have a strong appetite for further industrial opportunities in the South East. Work has already started on a planning application which we will submit this summer with a view to being onsite by the end of the year.”
The vendor was advised by Deloitte and the purchaser advised by CBRE and Vail Williams.
