Prologis celebrates £250m investment milestone in Hemel

This post was originally published on this site

Prologis, the UK’s leading developer of logistics property, has reached a landmark £250 million investment milestone in Hemel Hempstead. Over the past 20 years, Prologis has been supporting the local economy and jobs market with a sustained programme of investment and growth into industrial and logistics parks in this popular location, providing much-needed modern warehousing for both large national companies and local businesses looking to grow.

This package includes £135 million at Maylands Business Park, championing 1,000 jobs, and a continued development programme at Prologis Park Hemel Hempstead, which has supported the creation of 750 new jobs. Recently, the property company has also acquired a further 11.6 acres of land to expand Prologis Park Hemel Hempstead to cope with growing demand. Work has now commenced on a 234,000 sq ft logistics facility with completion in Q3 2021.

In March last year, despite the global pandemic, Prologis also acquired a 138,000 sq. ft. industrial estate on Eastman Way from Cubic Holdings for £26 million. This site is now Prologis Park Eastman and there is currently one remaining unit of 13,065 sq ft available to lease.

As a location, Hemel Hempstead is a popular location for a diverse range of businesses. Some of the biggest names in online retail and logistics, including Hermes, Amazon, Next and Vitabiotics, all occupy Prologis buildings in Hemel Hempstead. However, the location is favoured by growing businesses too, for example, Edincare Pumps, which took out a 10-year lease for a building on Prologis Park Eastman at the end of 2020.

As a town, Hemel Hempstead’s location is well-suited for businesses looking to service the London market and further afield. The town is strategically located within two miles of the M1 junction 8 and has easy access to the M25 and North London.

Paul Weston, Prologis UK regional head, said, “Hemel Hempstead is one of our most important locations, striking a perfect balance between proximity to London and the last-mile market, and access to the motorway network and the rest of the UK.

“Over the last 20 years, we’ve underwritten our commitment to Hemel Hempstead with a sustained investment programme which has job creation and community benefits at its heart. As demand for logistics space accelerates, this important location will continue to be a key market for us and enable us to provide our customers with the space they need to deliver on their promises and realise their ambitions for growth.

“I’m delighted that we have just started work on a 234,000 square foot industrial logistics building at Prologis Park Hemel Hempstead, which will be available for occupation in the towards the end of the summer. This is one of our most successful parks in the UK and was 75% occupied before the initial buildings had even been completed.”

Andrew Davies, company director at Edincare Pumps said, “We made the decision to move onto Prologis Park Eastman in 2020, with a view to further expanding our warehousing operations. It was certainly the right choice and has allowed us to keep growing, whilst maintaining a base in Hemel and remaining part of the area’s thriving business community.”

Alongside job creation and investment, Prologis’ developments in Hemel Hempstead have helped to protect over 12,000 acres of rainforest, through the company’s partnership with climate change charity, Cool Earth. Local land has also been redeveloped into a Pocket Park for the community on Buncefield Lane and footpaths have been created linking Prologis Park Maylands to local amenities. By working alongside the Box Moor Trust, Prologis has acquired a plot of land and is maintaining and enhancing habitats, as well as promoting biodiversity.

Prologis is also a member of Hemel Hempstead Business Ambassadors (HHBA) and works with other local businesses and individuals to help the area attract further investment and create a more successful economy for everyone.

Jean McLeish, chair of the board of the Hemel Hempstead Business Ambassadors added, “As a long-term investor, Prologis continues to provide outstanding facilities, across all its developments in Hemel Hempstead. This increasing investment in Hemel Hempstead is providing space for both large businesses, growing or relocating, and equally importantly small businesses looking to expand and plan for future growth. Their commitment to the environment and to local community projects supports the vision of Hemel Hempstead as the perfect place to live, work and do business.”