Reading’s Theale Logistics Park will see another 134,000 sq ft warehouse scheme, says developers McKay Securities.
McKay Securities PLC, the only UK REIT specialising exclusively in the London and South East office and industrial markets, has won planning permission for the development close to junction 12 of the M4 motorway.
The planning permission allows for the demolition of an existing 96,000 sq ft chilled storage warehouse, occupied by Kuehne & Nagel, to be replaced by either a single 134,000 sq ft unit or a four-unit scheme totalling 117,000 sq ft.
The area is already an established distribution location with other local occupiers including Amazon, Bunzl, Direct Wines, Ikea and John Lewis.
Savills and Haslams have been appointed as letting agents for the scheme. Detailed design is being progressed and either demolition or refurbishment of the existing building programmed for Spring 2018.
Simon Perkins, Chief Executive of McKay said: “The Thames Valley is characterised by low supply of good quality mid-size distribution space. This is at a time of favourable demand dynamics, driven by the rapid growth of e-commerce and the structural changes in consumer behaviour. The location of Theale Business Park is particularly attractive servicing the metropolitan hub of Reading, whilst also providing easy access to the rest of the UK’s wider motorway network.”