SEGRO is seeing momentum build across its 86-acre East Plus scheme in East London. Advised by Glenny, a 25-year lease has been agreed with hotel operator Travelodge at SEGRO Park Newham. The chain will deliver a 113-bed facility at the industrial-led development. Construction will begin in Spring 2018, with the aim of practical completion in early 2019.
Travelodge will join DPD on SEGRO Park Newham. The parcel delivery company was early to sign a 25-year lease for a 45,000 sq ft warehouse on the site, which is strategically located at the junction of the A406, London’s inner ring road and the A13 – which links to the M25.
In addition, Glenny has also advised on the first two leases at the pioneering Enterprise Quarter scheme on neighbouring SEGRO Park Rainham. Double-glazing firm Spica Windows and gas and heating contractor C&B Mechanical will be the first to move into the Enterprise Quarter, which comprises 42 units ranging from 550 sq ft to 3,750 sq ft available on flexible leasing terms.
Alan Holland, SEGRO’s Business Unit Director Greater London, said: “The commitment from Travelodge at SEGRO Park Newham, and the arrival of the first small businesses at Park Rainham shows there is real momentum as we embark on a 10-year programme to regenerate 86 acres of brownfield land in East London.”
Peter Higgins, Divisional Partner at Glenny, said: “While e-commerce and online shopping has become the primary driver for a growing demand in logistics space, there is still a core, regional SME market that requires small- and mid-sized warehouse units. SEGRO’s purpose-built Enterprise Quarter at SEGRO Park Rainham is delivering much-needed space for small or start-up businesses.
“Meanwhile, Travelodge’s commitment at SEGRO Park Newham demonstrates the wider East Plus scheme is attracting multiple sectors and service offerings to East London, and acts as a further example of inward investment to the local area.”