The London Development Agency (LDA) is pleased to announce that it has exchanged contracts to sell the freehold of 35.2 acres at Beam Reach 5, Rainham, Essex, to leading international retailer Tesco, who, subject to planning consent will develop ca. 500,000sq ft of new regional distribution facilities in two main buildings.
The development by Spen Hill, the development arm of Tesco will start as soon as planning permission has been obtained; a planning application is expected to be lodged imminently with the London Borough of Havering.
London Development Agency Head of Development Steven Kidd said:
“The LDA’s vision for Beam Reach is to give companies the benefit of a revitalised gateway to East London. This transaction with Tesco will create jobs and add to our plans for modern manufacturing, commerce, housing, education and employment.”
The LDA has agreed options for Tesco to purchase additional land at the 84 acre Beam Reach 5 site to enable further expansion of their support facilities and more local jobs.
Beam Reach 5 is situated directly alongside the A13 at the Marsh Way interchange and following the completion of the Tesco transaction a further 20 acres of land will remain available. This land is in flexible plot sizes and is offered on a long leasehold/virtual freehold basis and can be adapted to occupier requirements, primarily for manufacturing use.
In addition to Beam Reach 5, the LDA has two other developments sites in the area. Beam Reach 8 where there are a number of occupier opportunities across 11 acres and Beam Reach 6, a 17 acre developer opportunity.