Light-industrial developer Segro has bought a 25,500 sq metre logistics warehouse in Barking for £30 million.
The nine-year-old building is fully let to London City bond until 2028 and was formerly owned by Gemini (Propinvest).
Segro said the River Road facility was close to both the A13 and the A406 and that it viewed Barking as having “strong potential” for expansion, given its on-going regeneration and a limited supply of good-quality logistics warehousing.
Phil Redding, Segro’s chief investment officer, said the sale had been an excellent opportunity to acquire a modern and well specified warehouse in a key location close to central London.
“The purchase fits with our strategic objective of expanding our big box logistics platform in major transportation hubs and corridors, both in the UK and via our new joint venture, Segro European Logistics Partnership, in continental Europe,” he said.
The City of London Corporation is about to buy Barking Power Station site in east London for around £125 million, according to Property Week.
A £25 million grant for Barking and Dagenham Council will help it support new housebuilding over the next four years.
Councillor Darren Rodwell, the leader of Barking and Dagenham Council, has welcomed the decision to approve the proposed Beam Park…