Investor swoops for 125,000 sq ft Leicester scheme

Property investor LondonMetric has bought the 125,000 sq ft Crosslink 646 scheme in Leicester, which is due to complete at the start of 2023.

The deal, part of £28.8m double swoop by the firm, will see it take control of the scheme which consists of two units. The largest unit totalling 90,000 sq ft is pre-let to EM Pharma on a new 15-year lease, while the smaller 35,000 sq ft unit will be developed speculatively.

LondonMetric has also bought a 9-acre site in Droitwich which is used for vehicle storage and let to Amazon.

Andrew Jones, chief executive of LondonMetric, said: “We are continuing to allocate capital into the strongest geographies within the distribution sector, where we can benefit from attractive entry yields and structurally supported occupier demand to capture superior rental growth.”