Hannah Close, Wembley (2)

British Land has acquired three warehouses at Hannah Close, in Wembley for £157m as part of a wider strategy to repurpose existing buildings to boost its final-mile urban logistics portfolio.

The Wembley site, which is located close to the M25, just outside the North Circular, will become a multi-storey, urban logistics hub for central and west London.

The three warehouses cover over 245,000 sq ft on a 12.5 acre site and are fully let to Amazon, Euro Car Parts and the North London Waste Authority, which British Land said will generate an annual income of £3.6m “with significant reversion”.

Simon Carter, chief executive of British Land 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 circa 15% across the pipeline.”