DevSec spends £5.3m

Development Securities has bought properties in Ilford and Abbey Wood from receivers for £5.3m. The property development and investment company plans to redevelop both the Essex and south east London properties, bought from LPA, into mixed use schemes.

DevSec acquired the 54,686 sq ft of offices in Ilford in a joint venture with London & Continental Investments. The local council has identified the site as an opportunity area and has redevelopment options for a food-anchored, mixed-use scheme.

DevSec bought the 3.67-acre vacant industrial site in Abbey Wood for £2.75m in a joint venture with Berkshire Investment Capital. The company has simultaneously entered into a joint venture with adjoining land owners Gallions Housing Association to create a combined area of nine for mixed-use development.

Matthew Weiner, DevSec director, said both sites complemented the company’s portfolio of suburban London development sites, with the added benefit of being located on proposed Cross Rail stations with excellent accessibility in the future.