Prologis, the global leader in industrial real estate, today announced it will speculatively develop more than 1.2 million square feet in five distribution centres and across its first small-unit scheme in four prime UK logistics markets.
At the third phase of Prologis Apex Park in Daventry, Prologis is starting onsite with two distribution centres of 215,000 square feet and 85,000 square feet, which will complete in April 2016. Located on the A45, Prologis Apex Park is close to the M1/M6 interchange, at the heart of the country’s motorway network.
At Prologis Park Dunstable, Prologis will build a 358,000 square foot facility, which will be ready for occupation in March 2016. The new distribution centre will be on the final plot of Prologis’ Boscombe Road site. Close to Junction 11 of the M1, Prologis Park Dunstable offers easy access to the UK’s main population centres.
At Prologis Park Ryton in the West Midlands, Prologis will build two facilities of 141,500 square feet and 328,000 square feet; both buildings will complete in the spring of 2016. Close to the M1, M6, M69 and M40, Prologis Park Ryton is positioned to serve the needs of national logistics operators.
Designed to help customers improve their operational efficiencies, each distribution centre will include a rooftop solar installation that will generate 10 percent of the building’s regulated energy. Each facility will be constructed to achieve a minimum BREEAM ‘excellent’ accreditation and the best possible EPC rating for its size.
Prologis will also build its first small-unit scheme in the UK at Prologis Dawley Road at Hayes in West London. Offering a total of 120,420 square feet in six buildings ranging in size from 2,870 square feet to 52,540 square feet, Prologis Dawley Road will complete in April 2016. Prologis Dawley Road is three miles from Heathrow Airport, in a well-established industrial location that offers convenient access to the M4 and M25.
“This new phase of speculative development builds on the success of the 1.5 million square foot programme we began in a measured way at the end of 2013,” said Andrew Griffiths, managing director, Prologis UK “Our customers trust us to deliver the buildings they need to run their operations as efficiently as possible. With the vacancy rate for Class-A industrial and distribution buildings across UK markets at 2.1 percent, it’s imperative we anticipate demand and ensure we have a range of modern, high-quality facilities in prime locations across the Midlands, London and the South East.”
The first phase of Prologis’ new speculative development programme includes six distribution centres, five of which were let while under construction or shortly after completion. The sixth building, a 316,000 square foot joint venture with DP World London Gateway at the London Gateway Logistics Park, will complete this autumn.
Prologis owns and manages approximately 23 million square feet of logistics and distribution space in the UK as of June 30, 2015.