UK Real Estate Investment Trust SEGRO has received planning consent from Tower Hamlets London Borough Council to build a new urban logistics facility two miles away from the City of London.
The FTSE 100-listed property trust currently has 62 estates with over 15 million ft2 of space across the country, including over 740,000ft2 of space within Zone 2. SEGRO announced that the new SEGRO Park Wapping facility will contain 95,000ft2 of flexible employment space.
The company is currently working in partnership with Tower Hamlets and the local community on the project, supporting over 150 jobs, and is terming the new Wapping Park as the company’s next modern industrial development within the capital.
SEGRO services over 450 companies within London, including Amazon, British Airways, DHL, Tesco, Royal Mail and Ocado.
Last month, the group revealed that it had signed £29 million in new rent during the first quarter of the year as it hiked rents and signed £17m in new pre-let developments and it expects to spend £600m throughout 2024.
Work is expected to begin shortly on the park, which will be developed speculatively with demolition of preexisting infrastructure commencing towards the end of 2024.
The company has also announced that new developments are also in the pipeline throughout strategic locations including Hackney Wick, New Cross and Clapham North.
Head of London at SEGRO, Bonnie Minshull, said: “The flight to quality trend continues to accelerate, with occupiers becoming increasingly particular with their demands for flexible, efficient and green workspace in central urban locations, in the heart of the economies and communities they serve.
“SEGRO Park Wapping is our next generation of inner urban warehousing, raising the bar on sustainability and innovation, and being designed to complement a modern city environment in a high-demand central London location.”
