bf acquires a 74,314 Sq. ft at Prologis Park for IWG
Our office & industrial has recently secured warehouse space with a total footprint of 74,314 Sq. ft. for IWG. The world’s leading provider of flexible office space has signed a double lease for adjoining properties at Prologis Park in Hemel Hempstead.
The new facility at Prologis Park Hemel Hempstead will serve as the main UK distribution centre for IWG, providing storage space and distribution services for all of IWG’s office furniture requirements, as well as being the base for its UK-based warehousing and back-office support teams.
With IWG signing the double lease, there is now just one unit remaining at the logistics park. Prologis Park Hemel Hempstead has been designed to address the shortage of supply for industrial units in the local area, with letting options available for local, regional and national customers. The range of unit sizes available has fulfilled the local authority’s requirement for providing space for growing companies.
Integrating with the local community has been central to the development of the logistics park. In total, £80 million has been invested back into the local economy, and more than 750 new jobs have been created as a result of the park’s development. However, sustainability hasn’t been overlooked in the design of the park. Through Prologis UK’s partnership with the charity, Cool Earth, 11,000 acres of Amazon rainforest have been protected as a result of the development.
The development of Prologis Park Hemel Hempstead has also included improvements to the local area, aimed at benefitting the wider community. A ‘Pocket Park’ has been created by rejuvenating a neglected area of land and turning it into green community space, complete with footpaths, landscaping and benches, which can be used by the adjoining nursery and residents.
Working closely with the Box Moor Trust, a charity responsible for managing and maintaining large areas of land locally, Prologis has acquired a further piece of land, which will be restored to maintain and enhance the biodiversity of the area.
Commenting on the letting, Claire Madden Partner at Brasier Freeth said, “Prologis Park Hemel Hempstead is an excellent example of a development that works for both the local economy and environment. The speed at which these units have been let and the interest generated by the development demonstrates there has been a real need for well-connected logistics properties locally. We’re delighted to have secured such a fantastic facility that will provide an excellent national distribution hub for our client.”
Stephen Holloway, UK Network Development Director for IWG said, “This is a real milestone for IWG and we’re thrilled to be setting down roots in Hemel Hempstead with this new warehouse facility. Hemel Hempstead is already home to a thriving local economy and as our business continues to expand as we respond to the growing need for flexible working across the UK, Prologis Park is set to be the perfect place for us to run our warehouse operations from.”