Lease agreed with UPS for logistics distribution centre in Reading
JLL managed the lease terms for the fully-let scheme, which is managed by LaSalle Investment Management
UPS has agreed a lease for a new build urban logistics development in south Reading totaling 127,500 sq ft.
The Island Road development comprises of three speculatively built units that are managed by LaSalle Investment Management, with the adjacent units having been let to Argos and Universal Electric Cooperation.
UPS will use the property for parcel deliveries as part of its shipping and supply chain management business, utilising the scheme’s location close to the city centre and M4. The property benefits from 12m eaves, 102 parking spaces, a secure yard, 10 dock level loading doors with two surface doors, as well as open plan fitted offices across two floors.
Edd Fitch, Director Asset Management, LaSalle Investment Management, said: “The decision by UPS to take space at Island Road is testament to both the scheme’s high specification and location. We worked collaboratively with our agents JLL, LSH and DTRE to secure UPS on a 10-year term, bringing the prime south east estate to full occupancy.”
This activity aligns with occupier take-up recorded across logistics locations in the UK, which reached 6.6 million sq ft in Q1 2021. Speculatively developed units represented 52% of the new floorspace transacted in Q1 2021.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.