The property comprises Virgin’s training facility extending to c.220,000 sq ft on a site of 10.39 acres and was sold subject to a short-term leaseback. This prime site fronting Fleming Way will be redeveloped to provide up to 225,000 sq ft of logistics space.
Cameron Fraser, Director at Marchmont, said: “We are delighted to have completed on the purchase of this prime development opportunity as part of our strategic drive with Pictet to build a £200m+ portfolio of core UK logistics assets. We see Crawley as a key South East market with an under-supply of Grade A quality mid-box units. Marchmont has been very active in the urban industrial space to date and we view this programmatic partnership with Pictet as the next exciting step in the evolution of our business. Pictet shares our conviction of the fundamentals of this strategy and to partner with an investor of this pedigree is a great partnership.”
This purchase comes on the back of a flurry of deals for Marchmont including the acquisition of four single and multi-let estates around Greater London and the South East.
At Crawley, Marchmont was represented by Cushman & Wakefield; Virgin Atlantic was represented by SHW.