Land Securities Group Plc (LON:LAND) has expanded its presence in Southwark with the acquisition of a 1.6 acre site in Lavington Street, SE1 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. 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.
Colette O’Shea, Landsec Managing Director, 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.”
