Big Yellow, advised by the Industrial & Logistics team at global real estate advisor Colliers International, has acquired a 6.4-acre site in Harrow, North West London for £20 million.
The site will be developed with a new self-storage and business centre together with a multi-unit industrial estate of approximately 112,000 sq ft.
Big Yellow said: “The land has the benefit of being within a consented master plan and Big Yellow will therefore make a reserved matters planning application for the proposed development very shortly.”
Akhtar Alibhai, Director – Industrial & Logistics, at Colliers International, said: “The urban logistics market is currently going through an interesting time – there is a growing imbalance between supply and demand in the sector, while the ecommerce market continues to grow.
“This new site in Harrow also shows Big Yellow’s continued commitment to expanding their portfolio within London.”
Ross Ray, Acquisition Surveyor – Big Yellow Group PLC, said “This is an exciting time for Big Yellow acquiring a significant development site within a rapidly growing London borough”
“London has experienced significant change within the last 10 years with industrial land diminishing at an alarming rate. Big Yellow stores have increasingly become a solution for the business needs of both start-ups and SMEs.”
“We look forward to working with Barratt in developing both the Big Yellow, and industrial scheme, in this urban location.”