Global integrated property group, Goodman, in a joint venture with LaSalle Investment Management (“LaSalle”), a leading global real estate investment manager, today announces the acquisition of over nine acres of land from the Homes and Community Agency at Lyons Park, Coventry, and the development of five industrial units on the site.
Goodman will commence construction of the industrial and distribution units in January 2015, after securing planning permission earlier this year. The five units will total over 214,000 sq ft, ranging in size from 32,000 to 50,000 sq ft and providing a substantial opportunity to capitalise on demand for modern industrial space in the local area.
Due for completion in summer 2015, this project will be the first speculative development at Goodman’s Lyons Park, with the new units helping to facilitate the growth of local businesses, attracting inward investment to the region and acting as a catalyst to encourage further development at the industrial park.
Charles Crossland, Managing Director, Goodman UK Logistics, said: “We’re delighted to announce that, as part of a collaborative partnership with LaSalle Investment Management and the HCA, we will start construction of these industrial units in January 2015. This development is great news for the region as it will give local companies the opportunity to expand while also attracting other businesses, especially in this part of the UK where there is a lack of supply of Grade A industrial space.
“Goodman has a proven track record of managing the delivery of prime logistics property developments and weare confident that we will see strong interest in the five units as they near completion.”
Chris Fry, Regional Director, LaSalle Investment Management said: “We identified an opportunity to capitalise on the shortage of high quality industrial space in an area of strong pent-up demand. Coventry is located in the heart of the so-called ‘golden triangle’ of distribution and Lyons Park is adjacent to the Jaguar Land Rover Pilot Plant, so we expect strong interest for the completed units from its suppliers and other occupiers attracted to the park’s strategic location.”
Christine Addison, Midlands Executive Director, HCA, said: “We are delighted to support this new development, which will boost the local economy by providing the best industrial facilities to local businesses looking to grow, whilst attracting new talent to the Coventry area.”
A further 600,000 sq ft of land is available for design and build opportunities at Lyons Park. Formerly a Jaguar Land Rover production site, the park is located close to the A45 trunk road that links Coventry to Birmingham. It offers easy access to the M45, M6 and M1 motorways and is within four hours’ drive of most of England and Wales.
Goodman has invested £130 million into its 1,000 acre UK land bank to ensure that outline planning and infrastructure are in place and sites are ready for construction.
This unique offering dramatically reduces the time it takes to build fully operational logistics centres. Goodman has 17 strategically-located sites across the UK capable of delivering over 19 million sq ft of bespoke development. These sites offer exceptional access to key transport hubs, including motorway interchanges, ports and airports.
Savills and CBRE were the acting agents.
LaSalle Investment Management is one of the world’s leading real estate investment managers with approximately $53 billion of assets under management (as of June 30, 2014) of private and public real estate property and debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe.
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