SEGRO secures commercial property development pre-let in Reading28th February 2014

Haslams and CBRE have jointly assisted SEGRO in securing a pre-let to develop a 37,700 sq ft cross-dock parcel delivery centre, on a 20 year lease, for GeoPost UK at Imperial Way, a seven acre development site in Reading, which SEGRO acquired in 2011.

This will be the fifth development that SEGRO has undertaken for GeoPost, which is wholly owned by La Poste - the second largest postal operator in Europe. Construction will commence in February 2014 and completion is scheduled for August 2014.

Neil Seager said: “The continued growth of internet shopping has meant the way parcels are distributed to customers is evolving. SEGRO’s ability to adapt to such changes in the market is demonstrated by this development and the others completed for Geopost. The transaction also helps to further underpin Reading as an important location for logistics”

The pre-let to Geopost leaves approximately 3.9 acres for future development at Imperial Way, which is situated approximately three miles from Reading town centre and less than a mile from Junction 11 of the M4.

SEGRO has previously developed schemes at Southall and Enfield in Greater London and, in October 2013 announced it was constructing a similar cross-dock parcel delivery centre at Radlett, near to St Albans.

Andy Gulliford, SEGRO chief operating officer, said: “This latest signing further demonstrates that SEGRO, with our well situated industrial parks on the edge of large urban conurbations, is extremely well-placed to capitalise on the growing demand for space from parcel delivery companies and other companies which require urban distribution space to fulfil customer orders.”

SBH acted for GeoPost UK.