McKay Securities has been granted planning permission for the development of a warehouse scheme of up to 134,000 sq ft at Theale Logistics Park in Reading.
The planning permission allows for the construction of either a single 134,000 sq ft unit or four units totalling 117,000 sq ft to replace an existing 96,000 sq ft chilled storage warehouse.
McKay bought the current property, which is next to junction 12 of the M4, in April 2015 with an expectation to redevelop it. Either demolition or refurbishment of the existing property is planned for spring 2018.
With local tenants including Amazon, Bunzl, Direct Wines, Ikea and John Lewis, McKay said it expects the location of the site to attract a range of occupiers, particularly online retailers and third-party logistics operators.
Simon Perkins, chief executive of McKay, said: “The Thames Valley is characterised by low supply of good quality mid-size distribution space. This is at a time of favourable demand dynamics, driven by the rapid growth of e-commerce and the structural changes in consumer behaviour.
“The location of Theale Business Park is particularly attractive servicing the metropolitan hub of Reading, while also providing easy access to the rest of the UK’s wider motorway network.”
Savills and Haslam have been appointed as letting agents for the scheme.
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