Landsec buys Southwark site for £87m
Land Securities on Friday expanded its presence in south London's Southwark with the acquisition of a 1.6 acre site for £87.1m from a private company.
The low density site currently comprises two buildings totalling 128,000 sq ft and has significant development potential, the company said.
Lavington Street will add to Landsec's development pipeline in central London, which currently stands at 2m sq ft, and builds on the company's existing development opportunities in Southwark at 105 Sumner Street and Red Lion Court.
"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," said Colette O'Shea managing director of Landesec's London portfolio.