GLi has acquired a 2.79-acre site for an undisclosed price to speculatively build a new prime net zero carbon warehouse in Park Royal, West London.
The joint venture between KSP and Patrizia is bringing forward PR3, which occupies a prominent corner location on Twyford Abbey Road. Alongside PR1, which is already pre-let, and PR2, which is currently under construction, GLi is delivering nearly 250,000 sq ft of space in Park Royal.
David Johnson, chief executive officer at KSP, said: “We are very excited to add a third Park Royal property to our portfolio, especially when there is such competition for sites in this key location. This allows us to continue our growth not just in West London but across the capital, enabling us to create Grade A, ultra-sustainable industrial units in key target markets for our future tenants who are looking to expand or relocate in the area.
“We have successfully pre-let our first site (PR1) on Abbey Road to Classic Fine Foods/Metro AG, a local Park Royal company, and expect to see a lot of interest in this unit, too.”
Mark Krol, fund manager at Patrizia, added: “This acquisition grows our footprint in West London and underlines our confidence that demand will remain robust for high-quality last-mile logistics in the capital, despite the ongoing uncertainty. Not only will PR3 broaden our portfolio of ultra-sustainable assets, it will support Patrizia’s strategy to achieve net zero carbon status across all of its operations and real estate portfolio by 2040 or before.”
GLi will be looking to submit detailed planning for the spec warehouse in Q1 2023.
