GLi, the investment platform operated under a joint venture between PATRIZIA AG and KSP, has acquired a 2.27-acre site on Abbey Road in Park Royal, London’s premier logistics location.
The developer is seeking planning permission for a single unit of 52,000 sq ft and hopes to start construction in Q1 2022. As with all GLi properties, it will be developed on a net zero carbon basis and all electric powered, including car and van charging points.
The site boasts fast access to the A40 (Western Avenue) linking to the A406 (North Circular Road) and the M25, with both Park Royal and Hangar Lane tube stations a walkable distance away.This prime Park Royal site will join GLi’s growing portfolio of strategically located logistics properties within the M25 designed to meet increasing market demand for last mile or last hour logistics space.
It marks the second Abbey Road purchase by GLi following the acquisition of 291 Abbey Road, a redundant site which has since received planning consent for the construction of a 56,000 sq ft unit.
David Johnson, Chief Executive Officer at GLi, said: “Park Royal is to the industrial market what Knightsbridge is to the residential and our team has the experience and local knowledge to find these types of off-market deals.
“We’re excited to be building this portfolio and with new investment now in place we expect to be highly acquisitive over the coming months, with additional site under offer - the details of which will be announced soon.”
CBRE represented GLi in the transaction and have been retained as agents on the project together with BNP Paribas Real Estate. The site was previously owned by Ryder Trucks.
