Property company, Prologis, has acquired more industrial space, close to two of its existing properties in Hemel Hempstead, for a consideration of £26 million. The move will help to meet growing demand for floor space in the area, due to its proximity to London.
Known as The Cubic, the property in Eastman Way, Hemel Hempstead, comprises six warehouse units, spanning an area of 138,696 ft2 or 12,885 m2, which will continue to operate as logistics and warehouse space. Three of the units are currently leased to Cadogan Tate Ltd and the other three units will be marketed over the coming months.
Situated close to a pair of existing buildings owned and managed by Prologis, the acquisition extends the company’s footprint in Hemel Hempstead significantly. Also in Hemel Hempstead, the company owns and manages Prologis Park Hemel Hempstead, a highly-successful industrial park, which is currently 100 percent let to tenants, including Vitabiotics, Regus and Hermes.
The acquisition of The Cubic takes the total value of Prologis’ investment in Hemel Hempstead to more than £130 million over the past three years, supporting more than 750 local jobs. In addition to this most recent property acquisition, Prologis acquired 11.6 acres of land for development, adjacent to the existing Prologis Park Hemel Hempstead, towards the end of last year.
James Wright, vice president at Prologis, said: “This acquisition is confirmation of our continued commitment to Hemel Hempstead, supporting the local economy by creating jobs and providing much-needed space for local and national businesses looking for a foothold close to London.
“Based on our strong knowledge of the local and national marketplace, we are expecting demand for space to remain high and we are already liaising with a number of interested companies about their existing and future property requirements in the area.
“As well as providing more industrial space, we aim to ensure that the buildings we own deliver lasting value to the local community. In addition to supporting local job creation, we have already committed to restoring and maintaining a pocket of land adjacent to Prologis Park Hemel Hempstead, to promote biodiversity and provide green space for people to come and enjoy.”