Developer plans huge new £135m logistics park

An industrial property developer is planning a £135 million logistics project after a land deal.

US firm Panattoni has acquired a 47-acre site in Coventry from L&Q Estates which will be called Panattoni Park Coventry. The net-zero, speculative development will be close to junction three of the M6.

The site off Wilsons Lane in Longford, north of Coventry city centre, has outline planning consent for 600,000 sq ft of logistics space, with Panattoni planning to develop the largest unit of 540,000 sq ft.

It said it would also explore the possibility of developing two further units of 40,000 sq ft and 20,000 sq ft.

The site acquisition is part of Panattoni's stated strategy to focus on speculative development in areas where it said it felt there was a critical shortage of space and significant potential rental growth.

Head of development for the East and West Midlands Gregg Titley said: "This is a rare opportunity for us to acquire a prime development site in the Golden Triangle.

"There is a lack of supply of large logistics units of 500,000 sq ft plus in the region while demand remains strong."

Adrian Clack, managing director of Warwick-based L&Q Estates, said: "This site is a prime location for new employment space and much-needed homes because of its proximity to the motorway network. The site's sought-after location for the logistics sector generated enormous interest.

"This development will provide valuable jobs and homes for local people and help businesses with their growth plans, boosting the regional economy."

There is an additional eight-acre parcel of land as part of the outline planning consent for up to 73 houses which has been acquired by Taylor Wimpey.

Construction is expected to commence in early 2025, with houses ranging from one to four bedrooms and 25 per cent allocated as affordable housing.

The development will also include a play area, footpaths, cycle routes and landscaping.

Justin Quibell from Holt Property, which advised the seller, said: "The site's prime location and significant scale present a remarkable opportunity for commercial and residential development, marking a milestone achievement for Holt Property and our partners."