Less than seven days after it snapped up a six-acre parcel of land in West London the global logistics site owner Prologis has bought 30 acres next to Heathrow Airport.
Late last month [September] Prologis acquired the Venturis Park industrial estate, on Dawley Road at Hayes, from M3 Capital Partners on behalf of one of its investment funds. It has confirmed that it intends seeking planning approval from Hillingdon Borough Council for a 115,000sq ft development on the site and which could potentially include up to six buildings between 5,000 and 50,000sq ft.
“Venturis Park is a well-located infill site in a highly constrained market, which fits our strategy of investing in prime locations across London and the South East,” explained Andrew Griffiths, managing director of Prologis U.K. “The redeveloped site will allow us to offer the best opportunities in the market to customers seeking facilities in the smaller size range.”
Within an established industrial area, Venturis Park is close to Junctions 3 and 4 of the M4 motorway and is less than two miles from Heathrow. It’s also close to Prologis’s two existing buildings on Dawley Road and not far from Prologis Park Heathrow on Stockley Road — where, a week later, the company made its second purchase.
In a four-way joint-venture — with Kajima Europe Ltd, M & G Real Estate and Duelguide — Prologis has taken over a 30-acre site next to Stockley Park at Hayes from Stockley Park Consortium Ltd. Although Prologis has refused to release a purchase price it’s known the seller was asking £1.5m an acre.
Prologis is planning a mixed light industrial and distribution development at the site and will submit a second planning application to Hillingdon Borough Council early next year. As part of its proposal, Prologis is working with the authority to return 40-acres it cannot use at the Stockley Park site to public ownership.
Justifying his company’s second deal, Griffith said: “There is a good level of demand for industrial and distribution property in West London and very little supply, so we are delighted to have secured this additional site … Prologis Park Heathrow has been a great success, and we plan to offer sustainable facilities that maintain the same high standards on this new site.”
Prologis is the leading developer, owner and manager of industrial and logistics real estate in the UK with a portfolio of more than 23-million square feet of industrial space. It also holds a 1,000-acre land bank for future development.
