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GLP-owned Gazeley is to build a 426,000 sq ft, three-storey warehouse at Peruvian Wharf, which will be the first of its kind in the UK.
The six-acre plot in Silvertown, east London, which will be called G Park London Docklands, has been bought from Cain International and Galliard Homes and will be used as an inner-city last-mile logistics hub.
Inner-city rents have soared in recent years due to demand for last-mile distribution centres from rapidly expanding online retailers. As a result, rents for what will be a cutting-edge scheme could hit ?20 per sq ft. Based upon a yield of 4.25%, common for the highest quality logistics centres, this would reflect an end value of ?200m.
It will be speculatively developed and available on a single and multiple occupancy basis. Subject to planning, the development is due to complete by the end of 2019.
Despite the scheme being the first three-storey facility in the UK,...