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LONDON- Expeditors, the US freight company, has paid £37 million ($57 million) for a major distribution site at London Heathrow airport. It has bought the 15.5-acre Heathrow South Cargo Centre site from BAA Lynton, the property arm of airport operator BAA, but under the terms of the deal BAA will continue to use the site to support construction of the fifth terminal at Heathrow Airport for the next four to five years.

The site has been sold with a five year non-renewable lease to BAA at a rent of £2.25 million ($3.5 million) per annum. There is a tenant’s option to break the lease at the end of the fourth year. Heathrow South is currently the largest fully consented development site for warehousing and distribution in the Heathrow area, with planning consent for 310,000 sf of warehouse accommodation. Expeditors will develop a major air freight facility on the site when BAA vacates it.

Holley Blake advised BAA Lynton. Hines Air Property advised Expeditors.

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