British Land is close to getting planning approval for its next urban logistics scheme, close to London’s Old Kent Road.
Planning officers at Southwark Council have recommended the go-ahead for the project at 6-12 Verney Road, SE16.
The development would see British Land demolish the existing buildings and replace them with a block of up to four storeys.
The plans were first submitted in March 2023 but amended this year, with vehicle access altered and the scale of the scheme increased to around 246,000 sq ft.
In annual results in May, British Land chief executive Simon Carter said the company’s urban logistics sites were at 100% occupancy and had posted the most notable valuation rise at 3.7%.
According to this year’s annual report, the company’s London urban logistics portfolio has a gross development value of £1.5bn, which it said would deliver “one of London’s most environmentally sustainable and centrally located urban logistics portfolios”.
“Demand for this product is strong due to the long-term growth of e-commerce and rising consumer expectations for priority delivery, which, combined with little supply, is driving rental growth,” the company said.
“Last-mile logistics solutions are also increasingly sought after due to their strong environmental sustainability credentials, given they reduce large vehicle movements and allow the use of e-vehicles for the last-mile delivery to the end customer.”
The Southwark planning meeting is set for 8 October.
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