British Land Plans New Logistics Hub in Enfield
British Land has received resolution to grant planning permission for a 455,000 sq ft multi-level logistics hub near Junction 25 of the M25. Intended to cater for the...
Read Full ArticleBritish Land has announced that it has exchanged on the acquisition of three warehouses at Hannah Close, in Wembley for £157m with completion expected by mid February.
This is a development-led opportunity that aligns to their strategy of delivering new urban logistics space through the intensification and repurposing of existing buildings. It is well located within the M25, just outside the North Circular, providing an excellent, medium-term opportunity to deliver a multi-storey, urban logistics hub for Central and West London, where supply is highly constrained.
"This acquisition is another example of the strong progress we are making against our strategy to address the chronic shortage of urban logistics space in central London via intensification and repurposing."
– Simon Carter
CEO British Land
The three warehouses comprise over 245,000 sq ft on a 12.5 acre site and are fully let to Amazon, Euro Car Parts and the North London Waste Authority generating an annual income of £3.6m with significant reversion. The area around Hannah Close is designated a Strategic Industrial Land location, promoting industrial employment and development and offers excellent road and rail connectivity, essential for last-mile urban logistics operators. It also provides good access to the underground, helping to attract employees to the location.
Simon Carter, CEO British Land said: "This acquisition is another example of the strong progress we are making against our strategy to address the chronic shortage of urban logistics space in central London via intensification and repurposing. Wembley is ideally located for vehicles coming into London and subsequently out for delivery with excellent access to affluent parts of the capital.
"This latest acquisition follows acquisitions in Enfield to the north of London, Thurrock to the east and Finsbury Square in the city, and along with opportunities we have identified on our standing portfolio, brings the total gross development value of our urban logistics pipeline to over £1bn, with a blended forecast IRR from acquisition of c.15 per cent across the pipeline."
Picture: the Hannah Close site described. Image Credit: British Land.
Article written by Bailey Sparkes | Published 04 February 2022
British Land has received resolution to grant planning permission for a 455,000 sq ft multi-level logistics hub near Junction 25 of the M25. Intended to cater for the...
Read Full ArticleBritish Land has unveiled plans to transform London’s Euston Tower into a life sciences and innovation hub. The building is set to become a modern, net-zero...
Read Full ArticleProperty development and investment company British Land has lost its place on the FTSE 100 Index after 21 years. In its place, engineering company IMI will move from...
Read Full ArticleAs part of its Canada Water Masterplan, British Land and AustralianSuper have appointed Stanton Williams to design a 300,000 sq ft life sciences scheme. Stanton...
Read Full ArticleLGIM Real Assets has partnered with ESG platform Globechain to exchange office furniture, IT equipment and appliances with other businesses. Through the...
Read Full ArticleMRI Software, a global leader in real estate software solutions, has announced the acquisition of UK-based Springboard, a leading provider of footfall counting and...
Read Full ArticleLet’s take a look at some of this month’s most interesting high performing buildings in the UK. Watch the...
Read Full ArticleAs a growing number of firms seek to distance themselves from Russia after the invasion of Ukraine, what are the major players in commercial real estate...
Read Full ArticleBritish Land has leased the top floor of 100 Liverpool Street to Hudson River Trading, meaning the building is now fully let. Hudson River Trading has signed an...
Read Full ArticlePremier Technical Services Group (PTSG), the UK’s leading provider of niche specialist services to the construction and facility management sectors, has...
Read Full Article