L&G has acquired Phase Three at Lichfield South Business Park on behalf of its managed property fund from Lingfield Assets for an undisclosed price.
The 8.8-acre site has outline planning consent for 139,340 sq ft across five mid-box units ranging from 13,000 sq ft to 44,750 sq ft.
L&G is targeting BREEAM Excellent, an EPC A rating and a Biodiversity Net Gain of 20% for the scheme, which will be developed by Tungsten properties. Practical completion is targeted in Q2 2026.
Rob Codling, fund manager, managed property fund, asset management, at L&G, said: “This development is an exciting opportunity for the Fund. Lichfield South Business Park is extremely well located and offers a fantastic range of existing amenities. There is a supply-demand imbalance for high-quality industrial space in the West Midlands, that this development will directly address. We look forward to seeing the construction progress and the positive impact it has on the local area.
“This adds to the fund’s development pipeline and industrial weighting, bolstering the portfolio of high quality assets with attractive environmental credentials. ”
David Mole, development director at Tungsten Properties, added: “Our purchase of the final phase of Lichfield South Business Park will offer much-needed high-spec mid-box warehouse space to Lichfield which, for many years, has seen no new supply of units of this size. Our development and investment with L&G will mean that we can bring our mid-box expertise to provide vital space for companies to grow and help to retain high value jobs in the area.”
Garrison Real Estate and JLL acted on behalf of Tungsten Properties and L&G, and Skylark Real Estate acted on behalf of Lingfield Assets. The letting agents for the units will be Garrison Real Estate and JLL.
