Ideal for online retailers and last mile operators
SEGRO will bring forward a new urban logistics development of up to 185,000 sq ft in North London following the off-market purchase of eight acres of land in Tottenham
The land has been purchased close to White Hart Lane for an undisclosed sum. SEGRO will deliver a mix of high-quality, modern industrial units, subject to planning consent, and will consider both speculative and pre-let development opportunities.
The site benefits from excellent road connectivity via the A406, and on completion the development will be one of SEGRO’s closest assets to Central London
Alan Holland, Business Unit Director, Greater London, at SEGRO said:
“At a time when industrial land in London is diminishing, this site offers a rare opportunity to deliver a modern urban logistics hub in a well-connected, zone-3 location, inside the North Circular.
“Our ambition is to develop modern, high specification industrial units at a range of sizes which will complement our existing North London portfolio and capitalise on demand from a broad range of customer sectors, including online retailers and last mile operators.
“We’re very pleased to complete this off-market transaction and look forward to working with London Borough of Haringey and the local community to advance our plans.”
SEGRO owns and manages a £3.8 billion portfolio of industrial assets in London, including SEGRO Park Enfield and Navigation Park in Enfield and the 2 million sq ft Park Royal estate in West London. The company is also the Greater London Authority’s selected partner to deliver East Plus, comprising 1.4 million sq ft of industrial space across 86 acres of former brownfield land in East London.
Separately, Swissport has signed a long-term lease at SEGRO’s Heathrow Cargo Centre
Swissport, one of the world’s leading cargo-handling companies, will extend its stay at SEGRO’s Heathrow Cargo Centre at Heathrow Airport following the re-gear of its lease.
The company, which handles approximately 4.8 million tons of cargo annually, has signed a 10-year lease at a market rent on a 104,000 sq ft warehouse unit on Shoreham Road.
Gareth Baker, Regional Director for Heathrow at SEGRO, said:
“This long-term commitment ensures Swissport and its customers can continue to bene-fit from our well-positioned, airside cargo facilities at Heathrow Airport, which are integral to the efficient and reliable movement of goods.
“Swissport’s decision also reflects the importance of Heathrow Airport for UK exports and imports and the strong demand for the properties in our portfolio. We’re pleased to extend our relationship so we can continue working together to capitalise on future growth opportunities for air cargo in the UK.”
Jason Gaskell COO Cargo Western Europe at Swissport, added:
“Heathrow remains key to our UKI Cargo operations, our commitment to SEGRO’s Heathrow Cargo Centre will allow Swissport to strengthen its air cargo operations and service capabilities at Heathrow airport allowing our customers a stable platform for further growth.”
The Cargo Centre, which comprises 1.2m sq ft of space in total, has a unique airside location which offers direct access to the apron, reducing waiting times and providing more certainty around deliveries. The agreement of the new terms with Swissport follows long-term commit-ments from Air Canada and Worldwide Flight Services which have both re-geared leases in 2019.
The lease includes a clause which gives SEGRO the ability to progress a future redevelopment of the Cargo Centre to support the proposed expansion of the airport and benefit customers in-cluding Swissport.
SEGRO is the leading owner and manager of airside cargo facilities in the UK, with a portfolio of 2.2 million sq ft across Heathrow, Gatwick and Stansted airports. Swissport is one of SEGRO’s largest airside customers, occupying 185,000 sq ft in total across the three sites.
Heathrow Airport is the UK’s largest cargo hub, with over 1.6 million metric tons transported through the airport in the year June 2018 – May 2019.