British Land has lodged plans for a near 400,000-square-foot multilevel logistics development in London, as it continues its aggressive drive into urban logistics.
Following a six-month consultation, the REIT has submitted plans with Enfield council to redevelop the Heritage House site on Southbury Road in Enfield, north London, with 36,440 square metres (392,000 square feet) of flexible multi-storey logistics, an increase of around 16,319 square metres (176,000 square feet) compared to the existing space.
The consultation has seen BL reduce the scheme's height by 3m and relocate the office element.
BL said the proposed intensification of logistics use at Heritage House responds to the needs of the market and provides space for a range of tenants, particularly those seeking a regional distribution centre.
The Heritage House development - a rare example of proposed multi-storey industrial in the UK - is leading the pack among a number of schemes as the REIT continues its charge into industrial development. It has been focusing on London and the inner M25 for new development sites, while also pushing on with major logistics development at historic sites it owns across the country.
A spokesperson for British Land previously told CoStar News that the Enfield development sat squarely with its new strategy to deliver "much needed, sustainable logistics space within the M25, where supply is highly constrained".
BL bought Heritage House, a 200,000-square-foot warehouse, for £87 million, in April of 2021 with the building at the time fully let to Waitrose for its North London customer fulfilment centre and Crown Records Management, but offering redevelopment potential given the opportunity to increase density.
British Land announced a major strategic move into logistics development at the beginning of 2021 saying it would be leveraging its skills in site assembly, planning and delivering complex developments in London and its strong relationships with retailers, as it looked at urban logistics development opportunities inside the M25, where it believes rental growth prospects are most compelling.
In August 2021 British Land also completed the acquisition of Thurrock Shopping Park, next to the Lakeside Shopping Centre in Essex, for £82 million with an eye to its potential as a logistics location. It has been subsequently consulting on plans for 559,000 square feet of logistics development at Thurrock Shopping Park in Essex to the east of London.
It was already pushing on with urban logistics development opportunities around its current sites, such as malls and retail parks, including working up planning for a 611,000 square foot development at the Meadowhall Shopping Centre site in Sheffield starting this quarter, and Teesside, where it is planning a 299,000 square foot logistics development.
In February of 2022 British Land exchanged to buy three warehouses at Hannah Close, in Wembley, north-west London, for £157 million. It is working up plans for a 668,000 square foot logistics development.
According to its website it is also proposing logistics development adjacent to it Broadgate estate at Liverpool Street in the City of London via a 47,000 square foot development of the NCP car park in Finsbury Square, and at Verney Road in Bermondsey where it is planning 166,000 square foot.
Urban logistics opportunities account for 2.3 million square feet of medium-term opportunities with BL and from a standing start two years ago, it is sitting on an £1.3 billion development pipeline.