After a competitive bidding process London & Quadrant (L&Q), advised by JLL’s Residential Land team, have completed on the acquisition of the Whitechapel Central site from self-storage operator Safestore PLC.
The existing property consists of a 267,000 sq ft self-storage facility and warehousing over 3.5 acres, located in close proximity to the future Whitechapel Crossrail Interchange and the Royal London Hospital. Whitechapel is identified by JLL as one of the key development hotspots in London, with Crossrail enabling future travel times to Bond Street of only 10mins and to Heathrow of 36mins.
L&Q, one of London’s largest residential developers and a Registered Provider, intends to work up a mixed-use planning application in due course. The site was acquired unconditionally for £41.1m. Competition for the site was thought to include Barratt, Redrow, Essential Living, Be:Here and Peabody.
Commenting on the deal, Will Grant, Residential Land Director at JLL said “It is very rare for such a large “Crossrail” opportunity to come to the market, and L&Q and the project team put together a compelling and considered set of proposals.”
L&Q’s team included JLL, Stock Wolstencroft, DP9 and Trowers & Hamlins. Deloitte acted for Safestore PLC.