The new iPad will be available in black and white and will cost £639 for the iPad 4 128GB WiFi model, or £739 for the iPad 4 128GB WiFi with Cellular model.
The tablet will be sold through the online Apple store as well as Apple retail stores and selected resellers.
The increase in storage capacity is aimed at users who regularly need to work with large amounts of data such as 3D CAD files, project blueprints, X-rays, film edits and music tracks, Apple said. Users of Apple's office suite, iWorks, can also benefit from an increase in storage space, it added.
With twice the storage capacity and a selection of over 300,000 native iPad apps, enterprises, educators and artists have even more reasons to use the iPad for all their business and personal needs, Philip Schiller, Apple's senior vice president of worldwide marketing, said in a company statement.
The new iPad extends the current fourth-generation iPad family and as of Feb. 5, Apple will offer 16GB, 32GB, 64GB and 128GB versions of the device.
Like the other models, the new 128GB iPad will feature an A6X chip, a 9.7-inch Retina display as well as the recently released iOS 6.1 firmware.