Land Securities has announced that it has purchased a 1.6 acre site in Lavington Street, SE1 for £87.1m. The purchase, from a private company, increases Land Securities presence in Southwark. Colette O’Shea, Managing Director of Land Securities London Portfolio, said: “This acquisition gives us great potential in a submarket in which we have deep experience. We’re excited about the development prospects for this site due to a combination of location, flexibility and scale.”
Lavington Street has significant development potential
The site, which Land Securities describes as Being low density, currently comprises two buildings totalling 128,000 square feet and, according to the company, has significant development potential. The Lavington Street site adds to Landsec’s development pipeline in central London, which currently stands at 2m square feet. The company says that it also builds on its existing development opportunities in Southwark at 105 Sumner Street and Red Lion Court.
About Land Securities
Land Securities is one of the largest European REITs. It has a diversified portfolio but has a particular focus on UK retail property and London offices. Land Securities is the largest commercial property development and investment company in the UK. The firm switched to become a Real Estate Investment Trust when REITs were introduced in the United Kingdom in January 2007. The company has a £14.0bn portfolio that spans 23.9m square feet of real estate and is a mix of offices, retail and leisure. More information is available at www.landsec.com