Verdion has joined forces with Legal & General’s Industrial Property Investment Fund (IPIF) to secure a prime urban logistics development site in the West Thamesmead Opportunity Area, marking the first collaboration between the two organisations.
The 2.6-acre brownfield plot on Nathan Way, within the West Thamesmead/Plumstead Industrial Area and designated Strategic Industrial Location, has a gross development value of £30m. Verdion will lead the development, while L&G will take ownership of the completed asset.
Plans are in place for a speculative urban logistics scheme delivering 78,987 sq ft of new industrial floorspace across six small and mid-box units, ranging from 7,500 sq ft to 18,000 sq ft. The scheme is targeting BREEAM Excellent and A-plus energy performance certification, with a strong emphasis on whole-life carbon reduction, energy efficiency, biodiversity enhancements and responsible supply chain practices.
Mark Garrity, UK development director at Verdion, said the acquisition represented an important milestone in the company’s UK strategy. He highlighted the site’s strong Thamesmead location and the increasing appeal of inner South East London for logistics operators. Garrity added that the masterplan had been shaped to support a wide variety of occupiers, anticipating demand from both businesses displaced by redevelopment elsewhere in London and new entrants drawn by improved transport links. Verdion expects the scheme to complete in the second quarter of 2027.
Matt Lilley, assistant fund manager of IPIF and head of industrial development strategies at L&G, said the Nathan Way acquisition aligned with their strategy of investing in fast-growing industrial sub-sectors such as urban logistics. He emphasised the opportunity to embed net-zero-carbon principles from the outset, helping to create a future-proofed, high-quality asset in an undersupplied London market.
The partnership signals a strong commitment to sustainable industrial growth and further strengthens the area’s role as a key logistics location in the capital.
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