British Land’s next logistics scheme approved

British Land has been given the go-ahead for a 250,000 sq ft urban logistics scheme in London. Southwark Council’s planning committee unanimously approved proposals for 6-12 Verney Road, SE16, close to Old Kent Road. British Land can now demolish the existing buildings on the site and replace them with a block of up to four storeys. In annual results in May, Simon Carter, the REIT’s chief executive, said the company’s urban logistics sites were at 100% occupancy and had posted a larger valuation rise than any other segment of the portfolio, at 3.7%. As of the company’s most recent annual report, the company’s London urban logistics portfolio has a gross development value of £1.5bn, which it said would deliver “one of London’s most environmentally sustainable and centrally located urban logistics portfolios”. “Demand for this product is strong due to the long-term growth of e-commerce and rising consumer expectations for priority delivery, which, combined with little supply, is driving rental growth,” the company said. “Last-mile logistics solutions are also increasingly sought after due to their strong environmental sustainability credentials, given they reduce large vehicle movements and allow the use of e-vehicles for the last-mile delivery to the end customer.”