A speculative 170,000sq ft West London logistics scheme is to go ahead, following a funding deal with Aviva Investors.
Aviva Investors has completed on a £32.7m funding agreement to speculatively develop three new prime industrial and distribution warehouse units on the Uxbridge Industrial Estate, West London.
The warehouses at Ashley Road, Uxbridge, will be known as Uxbridge Industrial Park total 119,653 sq ft, 36,017 sq ft and 11,505 sq ft respectively.
Construction work will complete with autumn.
The transaction adds to an existing cluster of assets in the West London logistics market following acquisitions in West Drayton and Uxbridge in 2017.
Alastair Wakefield at Aviva Investors, said: “The combination of strong levels of occupier demand and the continued lack of good quality industrial accommodation is placing significant upward pressure on rental levels, particularly in the South-East and Greater London. Urban logistics and last-mile opportunities remain at the top of the agenda for many in the market and this acquisition supports our broader real estate focus on core locations.”
Colliers International and JLL are advising.