Prologis is preparing the largest speculative shed development for five years with two projects in the Midlands totalling 500,000 sq ft.
The first, a 310,000 sq ft speculative warehouse, will start on site in September at Boscombe Road in Dunstable.
The second project, due to begin in October, is for a 225,000 sq ft shed at Prologis Park in Ryton.
The latter is next to a 165,000 sq ft shed development (pictured) that has just been prelet to LG distributor Hi Logistics. The deal is the first to be signed through Prologis’ new five-year build-to-suit arrangement.
Rents in the area are around £5.50 per sq ft.
Prologis launched its five-year lease initiative in 2012, offering rapid development and fit out.
Hi Logistics vice-president Dongcheol Kim said: “We are working to a tight timetable, so we began our search by looking for an existing warehouse.
“However, we are confident that Prologis can deliver a new facility that will suit our requirements exactly, and that it will be ready to meet our operational deadline.”
The site already has detailed consent so construction will begin next month with a view to completing in March.
North Rae Sanders, Jones Lang LaSalle and Gerald Eve acted for Prologis; Hi Logistics were unrepresented.
Chris.Berkin@estatesgazette.com
