SEGRO has spent £195m buying the Grand Union Trade Park in Park Royal, NW10, and two development sites in the east and west of London.
Grand Union Trade Park comprises 100,000 sq ft of industrial space across more than four acres. The estate, which is fully let to trade suppliers including Screwfix and Howdens, is adjacent to SEGRO’s Tudor Industrial Estate and Premier Park. The addition of this piece to the jigsaw puzzle offers the potential for large-scale redevelopment in the medium to long-term.
Alan Holland, managing director for Greater London at SEGRO, said: “The purchase at Park Royal complements our existing ownership in the area and unlocks large-scale development opportunities for the future.”
SEGRO acquired Grand Union Trade Park from abrdn for an undisclosed fee.
The REIT has also added to its Inner London pipeline with the purchase of two assets in Wapping, E1, and Clapham, SW4, each measuring 2.6 acres.
SEGRO Park Wapping, as it will be known, is situated between the City fringe opportunity area and Canary Wharf. It will be the closest asset in SEGRO’s portfolio to central London.
SEGRO Park Clapham is located close to the high street and Clapham North Underground station and is within the Nine Elms growth corridor.
Holland added: “The acquisitions at Wapping and Clapham underline our ability to identify and secure industrial assets in Inner London locations, enabling occupiers to meet the ever-changing demands of their own customers.
“In an increasingly competitive market, we will continue to take an innovative and creative approach to secure well-located assets that can be redeveloped or repositioned as high-specification, sustainable warehouse space.”
SEGRO plans to redevelop the sites as highly sustainable, best-in-class industrial estates, delivering a combined 150,000 sq ft of net-zero warehouse space.
The acquisitions are further evidence of SEGRO’s strategic plan to expand its footprint in Greater and Inner London, following on from purchases in Walthamstow, Waltham Cross, Park Royal, Croydon, Stratford and Belvedere in 2021.
Holland said: “These deals represent further positive momentum in the expansion of our urban logistics portfolio in London and are in line with our strategy to build scale and a customer offering in high-density business and residential clusters.”
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