Underground car-park to get new life as internet shopping hub

PROPERTY firm British Land will transform an underground car park in the heart of the City into a warehouse for online shopping deliveries.

The FTSE 100 firm paid £20 million for Finsbury Square car park which it said offers an “excellent opportunity” to create a hub in the Square Mile, where supply for last-mile deliveries is “highly constrained”.

The move forms part of £350 million of capital activity for the group which said it has leased a significant amount of space in the past two months as momentum returns to the market.

It has also bought two campuses outside the M25 targeting the innovation sector, paying £75 million for the Peterhouse technology park in Cambridge — home to chip designer Arm — and Guildford’s Priestley Centre for £12 million, which it intends to develop for life sciences, gaming and space tech.

The acquisitions follow the group’s strategy to shift into fast-growing markets. It sold off assets worth £160 million including a Virgin Active gym in Chiswick and a chunk of a retail park in Bury.

CEO Simon Carter said today: “We are delighted with the momentum we are delivering as the economy reopens.”

Shares are up 8% this year to 528.80p, around 10% below pre-pandemic levels.