A dedicated 134,430 sq ft urban logistics scheme is to be developed in Reading by McKay Securities, the REIT.
Known as Theale Logistics Park the scheme is expected to reach practical completion in December 2019. Readie Construction has been chosen to build the property for which marketing has already begun.
Simon Perkins, chief executive of McKay, said: “Located adjacent to junction 12 of the M4, five miles from the centre of Reading, providing strong connectivity to the wider UK motorway network and last mile delivery routes.
“The Theale site is well placed to benefit from the on-going low levels of supply of quality mid-size distribution space in the Thames Valley alongside the continued growth of e-commerce supporting the logistics sector. Theale Logistic Park’s strategic edge-of-town position will be attractive to a diverse range of potential occupiers such as online retailers, third-party logistics operators and last mile distributors.”
The location is already an established logistics hub with local occupiers including Amazon, Bunzl, Direct Wines, Ikea and John Lewis.
Demolition of a former warehouse on the site completed last year, and the new facility will increase the floor area by 39 per cent, in line with McKay’s strategy to redevelop and add value to the asset having acquired the site in 2015.