Royal London Asset Management Property and Graftongate have acquired 52 acres of development land at Pickford Gate, Coventry, from Henry Boots’ land promotion business Hallam Land for an undisclosed price.
The site has outline planning consent for circa 645,000 sq ft of industrial and logistics, manufacturing and research and development space.
Royal London Asset Management Property and Graftongate intend to progress the submission of a reserved matters planning consent immediately.
Hallam Land secured outline planning consent in 2021 for the 52-acre employment land parcel in addition to 2,400 new homes – of which at least 25% will be affordable – a new primary school, district and local centres, green open spaces, community facilities and playing fields.
James Orr, head of industrial and logistics at Royal London Asset Management Property, said: “This acquisition aligns with our strategy to repurpose capital and enhance portfolio value. Together with our development manager, Graftongate, we are committed to creating best-in-class facilities for industrial and logistics occupiers, prioritising high-quality environments with advanced ESG standards.
“Our proposed scheme at Pickford Gate offers an exceptional opportunity, thanks to its prime location and strategic road connections, to bring much-needed multi-let mid-box space to a market currently dominated by large-scale logistics. We anticipate strong interest, particularly in this under-served regional sector.”
Tim Roberts, CEO of Henry Boot, added: “This latest deal at Pickford Gate marks another successful outcome on behalf of both our shareholders and the landowners we have partnered with on the project. Pickford Gate will have a huge impact, transforming the local area, delivering much-needed homes and employment opportunities. We look forward to seeing the next phases of the development come to life.”
Newton LDP, Hollis Hockley LLP and Shoosmiths LLP advised Hallam Land and the landowners on the sale. Pinsent Masons and BNP Paribas Real Estate advised Royal London Asset Management Property.
