British Land splashes £157m on London warehouses amid logistics investment boom
Real estate investment firm British Land has snapped up three warehouses in Wembley as it looks to tap into soaring demand for logistics hubs across London.
The three Wembley warehouses, costing £157m, are fully let to Amazon, Euro Car Parts and North London Waste Authority and will generate annual income for British Land of £3.6m.
Simon Carter, CEO British Land said: “This acquisition is another example of the strong progress we are making against our strategy to address the chronic shortage of urban logistics space in central London via intensification and repurposing.
“Wembley is ideally located for vehicles coming into London and subsequently out for delivery with excellent access to affluent parts of the capital.”
The three warehouses comprise over 245,000 sq ft on a 12.5 acre site and follow acquisitions in Enfield to the north of London, Thurrock to the east and Finsbury Square in the city.
British Land’s total urban logistics pipeline is now valued at over £1bn.
The acquisition comes after figures this week showed that investment in warehousing and logistics hit record levels in the UK last year fuelled by a boom in online retail brought on by the pandemic.
Over £17bn of deals were completed in 2021 with the final quarter alone attracting as much investment as an average calendar year at £6bn.