An existing 50/50 joint venture partnership between Airport Industrial Property Unit Trust (AIPUT), managed by Aberdeen Asset Management, and the Airport Property Partnership (APP), a joint venture between SEGRO and Aviva Investors, has launched a new logistics park.
The park can accommodate up to 13,970 sq m (150,000 sq ft) of industrial space and will provide flexible build-to-suit opportunities for a range of uses including air freight, urban logistics, light industrial, catering production and car showroom.
Outline planning consent for this logistics scheme has been granted.
A gateway site, Altitude Heathrow is located close to Terminal 4, with quick access to Heathrow’s Cargo Terminal, Control Posts and the airport’s maintenance/hanger area, reinforced by its transport links on the A30 and the Hatton Cross Transport Interchange.
Altitude Heathrow will provide its international occupiers with a sustainable and responsible business environment providing operational and cost efficiencies, and constructed to a BREEAM “Excellent” rating.
AIPUT and APP own and manage over five million sq ft of prime logistics accommodation in the Heathrow industrial market.
SEGRO, a European real estate REIT, is the development manager of the project. APP is fund managed by Aviva Investors, and asset managed by SEGRO.
Nick Smith, fund manager of AIPUT at Aberdeen Asset Management, says: “The launch of Altitude Heathrow onto this world stage marks a significant milestone for the UK’s leading hub airport, and will provide a unique and deliverable gateway site for the aviation and cargo communities to meet the expected improvement in trading conditions.
“Our prime site is being delivered at a time when Heathrow Airport is investing GBP5 billion into its terminals and infrastructure to stimulate growth, whilst there is a backdrop of a constrained supply of Grade A warehouse facilities in core Heathrow locations, with levels at an all-time low. Our flexible cargo and logistics real estate solutions, which provide excellent accessibility to key transport links both in the UK and beyond, should drive strong market interest and help support a sustained growth of the airport services.
“Our partnership with APP is committed to delivering exceptional logistics facilities in a core airport location, with cutting edge efficiencies and tailored design to deliver a world class product within a sustainable business environment. This development further endorses our commitment in the long term success of Heathrow and its vibrant community, and we are delighted to be a part of this.”