Macfarlanes has advised Legal & General on the acquisition of a 2.6-acre brownfield site in the West Thamesmead Opportunity Area, Greenwich, for the speculative development of a new urban logistics estate with Verdion acting as development manager.
The £30m transaction advances Legal & General's strategy of delivering best-in-class, sustainable logistics space in undersupplied London sub-markets and forms part of its build-to-core programme focused on last mile distribution.
The site – located on Nathan Way – has been acquired for the creation of close to 79,000 sq ft of high-quality flexible accommodation with sustainability embedded from the outset. The development is targeting EPC A+ and BREEAM Excellent, alongside high energy performance technologies and biodiversity-positive measures designed to reduce operational carbon, improve resource efficiency and future proof the asset through changing regulatory and occupier requirements.
The Macfarlanes team was led by Real Estate Partner Tania Barnes, with support from Senior Associates Zac Brodie, Rosanna North and Eloise Illingworth. Partner Sarah Shucksmith advised on tax aspects of the transaction, with support from Associate Harvey Innocent.