Kier Property has forward-funded the £41m sale of a membership warehouse club for Costco at the Western International Market site in Hayes.
The 140,000 sq ft warehouse, Costco’s first in West London, marks the final phase of this development, which began in 2008 when Kier Property relocated the Western International Market to new buildings on a neighbouring site.
Construction of the membership warehouse is due to complete in the summer and, once open, it will create approximately 160 new jobs, primarily for people in the local community and surrounding area.
Kier Property development manager, Jonathan Lee, commented: “We have spent many years developing, working with the local community and retailers and selecting key partners to work with us on this site, and we are extremely pleased and proud with all phases and the end result.
“We now require more product and we are keen to invest the cash received from Costco in new sites where occupiers want space.”
Following the relocation of the Market, Kier Property sold part of the site to Virtus, which is currently building a 180,000sq ft data centre.
Kier has developed the remainder of the site under its industrial brand ‘Trade City’.
The 56,000sq ft Trade City scheme is a joint venture between Kier and clients of DTZ Investment Management. The nine recently completed units, available to let, range in size from 4,500sq ft to 28,000sq ft.