Prologis acquires Park Royal warehouse
Prologis has bought a 150,000 sq ft unit in Park Royal, west London, in an off-market purchase and leaseback for around £70m.
The facility, located on Willen Field Road, NW10, was previously owned by manufacturer Super Toughened Glass, which leased a portion of the building to Cult Beauty.
The site was bought with scope to refurbish and repurpose the existing warehouse for use as a last-mile urban logistics facility.
Prologis has bought a 150,000 sq ft unit in Park Royal, west London, in an off-market purchase and leaseback for around £70m.
The facility, located on Willen Field Road, NW10, was previously owned by manufacturer Super Toughened Glass, which leased a portion of the building to Cult Beauty.
The site was bought with scope to refurbish and repurpose the existing warehouse for use as a last-mile urban logistics facility.
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.”
Griffiths Eccles acted on the deal.
To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews
