UK Reit British Land has planning permission for a 120,000 ft2 logistics hub at 5 Kingdom Street in Paddington.
The property company calculates that given delivery vehicles and cycles ferrying goods to and from the underground site will be electric, it could do the job of cutting CO2 emissions that all the trees in nearby Hyde Park do naturally.
Singapre sovereign wealth fund, GIC, has a particular interest in the development. It has an option to purchase it under an agreement previously reported.
Mike Best, head of logistics at British Land, said: ‘The post-pandemic demand for ultrafast deliveries comes with major impacts on emissions, air quality, congestion and road safety, which urban logistics hubs can combat. Replacing traditional vans with sustainable electric vehicles and bikes can deliver carbon savings of up to 90% per parcel alongside the wider positive impact on air quality and wider environment for local communities.’