Verdion and L&G’s Industrial Property Investment Fund (IPIF) have secured planning consent for a £30m urban logistics scheme in Greenwich.
The JV partners will speculatively develop the LiteHub Greenwich scheme on a 2.6-acre brownfield site located within the London Borough of Greenwich’s West Thamesmead Opportunity Area.
The multi-let industrial park will offer 78,986 sq ft across six small to mid-box units ranging from 5,555 sq ft to 16,000 sq ft. Verdion will be responsible for the development of the site on behalf of L&G, which will own of the asset.
John Clements, executive director of Verdion and head of its UK activity, said: “This location within LB Greenwich offers a great deal of potential for value creation. With high volumes of new residential coming forward nearby and constrained industrial and logistics supply, we have scope to create a modern, multi-let park for occupiers seeking new opportunities close to the City and M25. It will become the first asset for our UK-wide urban logistics platform, targeting brownfield redevelopment opportunities underpinned by strong ESG credentials close to major population centres.”
Matt Lilley, assistant fund manager (IPIF) and head of industrial development strategies, at L&G, added: “The successful planning approval for LiteHub Greenwich is a testament to the quality of the proposed development, providing high quality industrial and logistics accommodation for occupiers and future job creation in a core London market. It allows IPIF to now progress the scheme in line with fund strategy to upweight to UK net zero carbon compliant urban logistics assets in strong growth locations.”
The joint leasing agents for the scheme are CBRE and Glenny. The architects are Corstorphine & Wright and Quod provided planning advice.
