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 will be collectively known as Uxbridge Industrial Park and will be highly specified, comprising three separate units of 119,653 sq ft, 36,017 sq ft and 11,505 sq ft in size, all fronting on to Ashley Road in Uxbridge. The scheme is expected to be delivered towards in Q3 2018. www.uxbridgeindustrialpark.com
The acquisition is aligned with the Aviva Investors’ strategy of investing in good quality real estate in core markets with high demand. This 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.”
Aviva Investors completed a review of agency instructions in this West London market in 2017 with a view to appointing a best in class leasing team. Colliers International and JLL were successful in this process which covers Stockley Close, West Drayton, Horton Road Industrial Estate, West Drayton & Riverside Way, Uxbridge. This instruction will now extend to this new scheme.
Len Rosso, Head of Industrial and Logistics at Colliers International, added: “We are very pleased to have been instructed by Aviva Investors as leasing agents on this scheme. The combined impact of the potential third runway at Heathrow, the opening of Crossrail and an on-going lack of stock means that we are confident that this scheme will attract very strong levels of occupier demand.”