Warehouse giant Segro has received planning consent from Tower Hamlet’s council to build a massive urban logistics facility within two miles of the Square Mile, City A.M. can reveal.
The FTSE 100-listed property trust said today that its new Segro Park Wapping will contain 95,000 square feet of flexible employment space
It currently has 62 estates with over 15 million square foot of space across the country, including over 740,000 square feet of space within Zone 2.
Segro is terming the new Wapping park as “the company’s next modern industrial development within the capital”.
The company is currently working in partnership with Tower Hamlets and the local community on the project, supporting over 150 jobs, it added.
Work is expected to begin shortly on the park, which will be developed speculatively with demolition commencing towards the end of 2024.
New developments are also in the pipeline throughout strategic locations including Hackney Wick, New Cross and Clapham North.
Segro services over 450 companies within London, including Amazon, British Airways, DHL, Tesco, Royal Mail, and Ocado.
Bonnie Minshull, head of London at Segro, said: “The flight to quality trend continues to accelerate, with occupiers becoming increasingly particular with their demands for flexible, efficient and green workspace in central urban locations, in the heart of the economies and communities they serve.
“Segro Park Wapping is our next generation of inner urban warehousing, raising the bar on sustainability and innovation, and being designed to complement a modern city environment in a high-demand central London location.”
Last month, the group revealed that it had signed signed £29m in new rent during the first quarter of the year as it hiked rents and signed £17m in new pre-let developments.
It expects to spend £600m throughout 2024.