GLi, the investment platform operated under a joint venture between PATRIZIA AG and KSP, has acquired the redundant G4S site at 291 Abbey Road, west London, in an off-market deal.
Situated in the centre of Park Royal, London’s logistics heartland, the site will be redeveloped into a bespoke, super prime urban logistics warehouse facility of circa 56,000 sq ft.
GLi acquired the site as part of its partnership with Patrizia AG and its TransEuropean property fund (TEP VII). Additional acquisitions in this market are under consideration.
The 291 Abbey Road site boasts easy access to the A40 (Western Avenue) linking to the A406 (North Circular Road) and the M25 and is around a 10-minute walk from Park Royal tube and 15 minutes from Hangar Lane.
GLi will market the facility to customers in the home delivery or logistics sectors.
David Johnson, Chief Executive Officer at GLi, adds: “This site represents an exciting opportunity for a logistics company looking for a prime site on one of Park Royal’s most iconic arterial roads.
“We are already in discussions with several companies on terms for a pre-let”.
George Hickman, Chief Operating Officer at GLi, comments: “GLi will be very active in the London market in the future and additional acquisitions are under consideration”.
As with all GLi properties, Abbey Road will be developed on a net zero carbon basis and will be 100 percent electric powered including car and van charging points.
Abbey Road joins GLi’s growing portfolio of strategically located logistics properties designed to meet increasing market demand for last mile or last hour logistics space within the M25.
Site demolition work has already been undertaken, and the developer is seeking planning permission for the speculative scheme, with completion expected in Q4 2022.
CBRE represented GLi in the transaction, and also acts as joint agents on the project with BNP Paribas Real Estate.