SEGRO has acquired 419 hectares of land at the former Radlett Aerodrome in the Upper Colne Valley, Hertfordshire, for £120m.
The three parcels of land have been purchased from Hertfordshire County Council, Tarmac and Gorhambury Estates Company (50% of the land purchase is deferred for 12 months).
SEGRO intends to develop a strategic rail freight interchange on the site offering up to 3.6m sq ft of logistics warehousing, including ancillary B1 (office, light industrial, research and development) and B2 (general industrial) warehouses
SEGRO has received planning permission from the secretary of state for the development, which is strategically located close to the M1, M25 and A1(M) and sits alongside the Midland main line railway. Work is expected to start on site this summer.
David Sleath, chief executive officer of SEGRO, said: “The former Radlett Aerodrome site offers a rare opportunity to bring together the economic and environmental benefits of rail freight, provides connectivity to key arteries of the highways network and access to a large pool of employees. The scheme will also benefit the national and local economies, as well as help satisfy the demands of consumers and businesses for the sustainable movement of the goods and services we increasingly rely on in our daily lives.
“As a long-term investor and specialist in the provision of logistics infrastructure developments, we are proud of the benefits we’ve already delivered across the country including at our East Midlands, Coventry and Derby projects. The strategic partnership we recently agreed with the West Midlands Combined Authority will see us deliver 14,000 jobs and 13.5 million square feet of employment space on brownfield sites in the region over the next decade and is another example of how we prioritise working in close collaboration with local authorities and communities to maximise the benefits and opportunities our developments and operations can bring to an area. We look forward to employing this approach and our experience at Radlett.
“The blueprint for the scheme will follow the successful delivery of a major strategic rail freight terminal and logistics development at SEGRO Logistics Park East Midlands Gateway, near Derby, where we have seen exceptional demand, and which we expect to complete significantly ahead of schedule while providing employment for over 5,000 people.”
