McKay Securities has received planning permission to demolish an existing 96,000 sq ft chilled warehouse at Theale and replace it with either a single 134,000 sq ft unit or four separate units.
The company bought the property at Theale Logistics Park, Reading, in April 2015 as it saw the potential to add value through redevelopment at the right time.
“The expiry of the existing lease to transport and logistics company, Kuehne & Nagel in the first quarter of 2018 provides this opportunity. The scope for different configurations together with the asset’s strong strategic location is expected to be attractive to a range of different occupiers, but particularly online retailers and third-party logistics operators,” it said.
Savills and Haslams have been appointed as letting agents for the scheme.