GLP starts work on 1m sq ft warehouse space in the South East
The space will be split across four sites in Bedfordshire, Milton Keynes and Northamptonshire and comprise seven new units. This speculative project is currently the largest logistics real estate development in the UK.
As a result of the pandemic and the shift towards online commerce, demand for logistics space in the UK is soaring. GLP recently completed work on another large scale speculative development at Magna Park South, Lutterworth with 1.25m sq ft of space.
Occupancy in 2021
GLP is a leading developer of distribution parks and logistics warehousing. The latest development programme has been developed to satisfy the increasing demand for larger spaces particularly from e-commerce centre businesses. According to Savills, the growth trajectory for the sector is expected to continue with 51% growth year on year, recorded in December 2020.
The current units are expected to be completed and ready for occupance by Q1 and summer of 2021.
Three distribution units are scheduled for G-Park Bedford Wixams and will be delivered by Readie Construction. The units total 536,000 sq ft. A further 133,000 sq ft unit will be built at G-Park Northampton by Glencar within the Moulton Park Estate.
GLP has yet to announce the construction partner for the G-Park Milton Keynes project where two units of 117,000 and 140,000 sq ft will be built. The first project in the pipeline is an 88,000 unit at GLP’s flagship logistics park in Milton Keynes. Known as Magnitude 88, the Magma Park project will be completed by Q1.
Each site will benefit from a range of sustainability features. These will include energy monitoring, LED lighting technology and rainwater harvesting. GLP will also reduce embodied carbon during the construction process.
Surge in demand
Bruce Topley, GLP’s Managing Director, said there had been a surge in demand for logistics warehousing in the right locations, driven by the rise in home deliveries as a result of the pandemic.
He said that customers weren’t only seeking to reinforce their supply chains. There was also a demand for higher spec buildings that embraced cutting edge sustainability credentials. He said GLP were delighted to be bringing 1m sq ft of high quality logistics real estate to the market, adding that it reaffirmed GLP’s continued confidence in the strength of the UK.
Carefully selected locations
According to GLP, each location has been carefully selected because of its critical transport links to key areas of the UK. Each unit will be developed with flexibility at the heart of the design and construction process. This in turn will allow customers to customise the fit out and make sure the space meets their exact requirements.
GLP will work alongside new and existing customers in an effort to meet their operational requirements and help them grow their business. With warehouse takeup at 50.1m sq ft in 2020, the strongest year on record, GLP are continuing an active quarter that saw them acquire a 44,000sq m logistics asset in the Netherlands, which is ideally situated for the Dutch ports and access to Europe.