Easter Group have commenced the development of Phase 2 of the Wincanton Data Records Management building at their flagship development in association with the London Development Agency at Beam Reach 8, Rainham.
The existing 90,000 sq. ft. 18 meter high facility which was constructed in 2005 has been sold to Prudential Property Investors who have entered into a forward commitment to finance the second phase of 30,000 sq. ft. The purchase price reflected an investment yield close to 7%.
Construction work has commenced on site with handover due summer 2010. The completed building will total 120,000 sq. ft. with potential for further expansion up to 150,000 sq. ft.
Drivers Jonas advised Easter on the investment sale, Savills on the letting and Kemsley LLP advised the LDA.
This brings the total development to date at Beam Reach to in excess of 250,000 sq. ft. with the potential for a further 200,000 sq. ft. available on a bespoke basis.