New industrial units are set to be developed on a six-acre plot of land in Dagenham.
The project would involve up to 20 warehouse and trade units at the junction of Oxlow Lane and Rainham Road South, creating 165,000 sq ft of industrial space on the site of a former wholesale distributor.
A planning application has not yet been submitted but if approved, the site could generate a gross development value of around £50 million.
It is a joint venture between Credit Suisse Asset Management Global Real Estate, industrial developer and asset manager Chancerygate and real estate firm Hines.
Chancerygate’s Tom Faulkner said: “Our proposals for the scheme will address a shortage of high quality, new build warehousing supply in the area.”
Greg Cooper, Hines UK director of industrial and logistics, added: “In developing a range of units speculatively, we aim to attract a variety of different businesses to Dagenham.”
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