LaSalle Investment Management (“LaSalle”), a leading global real estate investment manager, today announced the completion of the speculative development of five industrial units totaling 214,000 square feet, at Lyons Park in Coventry, in partnership with Goodman, the global integrated property group and the Homes and Communities Agency (HCA).
This is the first development of this scale to be built in the Midlands since 2008 with the five industrial and distribution units ranging in size from 32,000 to 83,000 square feet.
A further 40 acres of land is available for design and build opportunities totalling 600,000 square feet 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.
Edd Fitch, National Director at LaSalle Investment Management, said: “LaSalle strategically acquired Lyons Park in October 2014 after we saw a gap in the Coventry market for large and resilient modern industrial units. Working collaboratively with Goodman, we have been able to deliver a product that is significant within the Midlands region. We have already seen a good deal of interest from occupiers – a trend we expect to continue in the coming months.”
Nigel Dolan, Development Director, Goodman UK Logistics, said: “We are proud to announce the completion of this significant development at Lyons Park, which will allow companies in the region the opportunity to expand while also attracting inward investment from businesses across the UK. We have already received strong interest from potential occupiers in the region which reinforces the rationale for embarking on this exciting project with our partners.”
“There is a lack of supply of Grade A industrial space in the UK, particularly in Coventry and the West Midlands, which means we are confident there will be strong demand for the space.”
Goodman has 16 strategically-located sites across the UK, capable of delivering over 18 million square feet. Each of these sites offers exceptional access to key transport hubs, including motorway interchanges, ports and airports. In 2015 Goodman will develop 1.7 million square feet of speculative space throughout the UK in 13 units across six schemes.
Savills, CBRE and North Rae Saunders are the acting agents at Lyons Park. To find out more please visit lyonspark.com or goodman.com