Prologis, the UK owner and developer of industrial logistics parks has acquired a 150,000 sq ft unit in Park Royal, London, in an off-market purchase and leaseback for approximately £70 million.
The industrial unit, located on Willen Field Rd, was previously owned by manufacturer Super Toughened Glass Ltd, which leased a portion of the building to Cult Beauty Ltd. The site provides the future opportunity to refurbish and repurpose the existing warehouse for use as a last mile,’ urban logistics facility.
Park Royal is the largest business park in London, occupying approximately 500 hectares, and is home to over 1,200 businesses, employing over 35,000 workers. Its strategic location, close to Central London and its road and rail links, including access to the A40 Western Avenue and A406 North Circular roads, make it an important site in London’s logistics network.
Gavin Quinn, director in the Capital Deployment and Leasing Team at Prologis UK, said: “Acquiring this site in Park Royal off-market was a unique situation, especially given that competition in this sector is so fierce. The location is incredibly important for London’s distribution and logistics sectors, this location will be an attractive choice for customers looking to expand their last mile operations. Its proximity to the Capital also makes the location perfect for electric delivery vehicles.
“During the pandemic, online shopping doubled to 36% and is unlikely to drop back to pre-COVID levels. With homes in the Capital requiring more deliveries, it’s important we ensure our customers, who include household names such as Royal Mail, Amazon and Tesco, have access to logistics properties close to their customers so they can deliver goods both quickly and sustainably.”
The deal was brokered by Harry Fell at chartered surveyors, Griffiths Eccles LLP.