Travis Perkins has bought a 6.25-acre industrial goods yard in Selsdon, South Croydon.
The site, which is split into seven plots, was purchased from The Arch Company on a 146-year head lease.
Group property director Nick Pinney said: “The Selsdon property is a high-quality asset that will give us a great opportunity to develop a site that will feature one of the largest Travis Perkins general merchant branches in the country, enhance our wider customer proposition in Croydon and secure our presence there for the longer term.”
The Arch Company specialises in selling and leasing space within railway arches. The Selsdon goods yard site is next to a railway, but does not actually include any railway arches.
Craig McWilliam, chief executive of The Arch Company, said: “We are focused on investing in our core estate of arches and former railway properties, and we’ll use proceeds from this sale to continue funding Project 1000, our £200m plan to bring a thousand empty and derelict spaces into use by 2030.”
Travis Perkins plc currently has a freehold property portfolio valued at around £1.1bn with the market value of the estate having grown by almost £600m since 2010.
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