Logistics firm Crossbay has acquired a 40,000 sq ft warehouse in Farnborough.
The acquisition is one of four the European giant has made in its first move into the UK market.
Crossbay plans to spend significantly on refurbishing the unit – 40,740 sq ft Aero 40 unit at Southwood Business Park – when the current tenant vacates at the end of February.
It is likely to be available for occupation during Q2 2024.
Ben Ryan, Crossbay managing director and head of asset management, UK, said: “Aero 40 marks the bricks and mortar beginning of our journey in the UK. We are investing heavily in real estate to benefit, particularly but not solely, logistics occupiers of our many properties.
“Urban logistics and supply chains are integral to everyday life as technology continues to change the way we live and shop and consumers want convenience, flexibility and speed as part of today’s on-demand culture.
“Our well located and connected facilities, close to key urban centres across Europe, continue to thrive and we anticipate strong interest in Aero 40, in the strategic location of Farnborough.”
James Newton, senior surveyor at Vail Williams, which is marketing Southwood Business Park, said: “Crossbay will refurbish the unit to a very high standard, making it energy efficient, BREEAM-certified and ready for immediate tenant occupation in Q2 2024
“It is a timely move by Crossbay as there is a real lack of mid-box industrial supply across the regional market and still signs of rental growth. This is a fantastic opportunity for occupiers seeking quality industrial space is already an under supplied market.
“Aero 40 also has strong transport links, being just 1.3 miles from the M3. Farnborough, best known for its aerospace industry businesses, aviation links and air festival, is an excellent location because west London, south Oxford and the south coast are all within an hour’s drive.”
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