Self storage company Big Yellow has acquired a 6.4-acre site in Harrow, North West London for £20 million advised by Colliers International.
The site will be developed with a new self-storage and business centre together with a 112,000 sq ft multi-unit industrial estate.
Big Yellow said: “The land has the benefit of being within a consented master plan and Big Yellow will therefore make a reserved matters planning application for the proposed development very shortly.”
Akhtar Alibhai, director at Colliers International, said: “The urban logistics market is currently going through an interesting time – there is a growing imbalance between supply and demand in the sector, while the ecommerce market continues to grow.
“This new site in Harrow also shows Big Yellow’s continued commitment to expanding their portfolio within London.”
Ross Ray, acquisition surveyor – Big Yellow Group, said “This is an exciting time for Big Yellow acquiring a significant development site within a rapidly growing London borough”
“London has experienced significant change within the last 10 years with industrial land diminishing at an alarming rate. Big Yellow stores have increasingly become a solution for the business needs of both start-ups and SMEs.”
“We look forward to working with Barratt in developing both the Big Yellow, and industrial scheme, in this urban location”.
