British Land buys £20m central London car park to turn into an online delivery hub
British Land has bought a car park on the edge of the City for £20million – and plans to turn it into a depot for online deliveries.
The property firm said the underground site in Finsbury Square, near Moorgate Station, is an ideal location for a ‘last mile’ logistics hub serving central London.
It is also close to British Land’s Broadgate development, a 32-acre area being turned into a pedestrianised space for offices, eateries, shops and entertainment.
Central location: British Land believes its £20m car park in Finsbury Square (pictured) is an ideal location for a ‘last mile’ logistics hub serving central London
The Finsbury Square deal is the latest move by British Land to take advantage of the boom in online shopping.
There is growing demand for logistics hubs in cities as retailers and restaurants jostle to offer customers ever-speedier delivery of goods to the door.
Last month British Land revealed it had snapped up Thurrock Shopping Park, just off the M25, for £82million, which it also plans to use as a logistics site.
And earlier this year, the firm paid £150million for ten retail parks which it hopes will benefit from the growing use of click-and-collect shopping.
It has also bought for £75million the Peterhouse Technology Park in Cambridge, home of microchip designer Arm.