IBB Law disposes Wembley warehouse site
IBB Law has acted for the landowner to dispose of an exceptional urban logistics site.
One of three warehouses owned by British Land, the 12.5 acre site comprises warehouse space that is currently being let to Amazon, Euro Car Parts and the North London Waste Authority.
British Land described it as a development-led opportunity, which aligned to their strategy of delivering new urban logistics space through the repurposing of existing buildings.
British Land’s CEO, Simon Carter, said: “This acquisition is another example of the strong progress we are making against our strategy to address the chronic shortage of urban logistics space in central London via intensification and repurposing.
“Wembley is ideally located for vehicles coming into London and subsequently out for delivery with excellent access to affluent parts of the capital.
“This latest acquisition follows acquisitions in Enfield to the north of London, Thurrock to the east and Finsbury Square in the city, and along with opportunities we have identified on our standing portfolio, brings the total gross development value of our urban logistics pipeline to over £1bn, with a blended forecast IRR from acquisition of c.15% across the pipeline.”
Conveniently located within the M25, the site is said to provide British Land with an excellent medium term prospect to deliver a multi-storey urban logistics hub for Central and West London.
Vivien Rimmer, Partner, commented: “We are delighted to have represented the landowner in this fast moving, high profile transaction. It was a true team effort between the parties and their representatives. We wish British Land every success going forward.”
The IBB Law team was led by Vivien Rimmer supported by Jeff Elphee and Machelle Jan.
Ian Morrison, Co-Founder and CEO of Beyond, commented: “On behalf of Beyond and the landowner, I would like to thank IBB Law for their extraordinary commitment and professionalism in steering us through the legal complexities of this transaction. It was a pleasure working with Vivien, Machelle and Jeff.”
