British Land to turn London’s Finsbury Square Car Park into last-mile logistics hub
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Property company British Land has acquired London's Finsbury Square Car Park for £20m, and is now set to turn it into a last mile logistics hub.
In a statement, British Land said the purchase of the car park aligned to its strategy to progress development-led urban logistics opportunities in Central London.
The company added that the underground car park is close to the Broadgate campus and provides an excellent opportunity to create a last mile logistics hub in the City of London, where it says supply for last mile logistics is highly constrained.
The acquisition of the Finsbury Square Car Park follows British Land’s purchase of the the Thurrock Shopping Park for £82m.
British Land believe the latter presents a clear urban logistics development opportunity, referring to its prime location just off the M25 and proximity to east London. In addition, British land believe the facility can benefit from an excellent catchment area where significant population growth is expected.