M&G Real Estate, one of the UKs largest property investors, together with Rigby Group and Evander Properties Ltd acting as development manager, is to begin construction of Coventrys Imperial Park in the English Midlands. Detailed planning permission was gained from Warwick District Council earlier this month for three units of 350,000, 165,000 and 60,000 sq ft respectively.
M&G Real Estate acquired the 29-acre site earlier this year, has committed over £50 million to the development. Once complete next year, the 575,000 sq ft logistics park will comprise three Grade A warehouse distribution units, adjacent to Coventry airport.
The scheme is designed to meet occupier demand for high quality warehouses with excellent accessibility to the UKs regions and major cities. It will be built to a market-leading specification, and designed to achieve BREEAM ratings of Very Good and EPC ratings of A.
Paul Crosbie, Head of Logistics and Industrial at M&G Real Estate, says: Our commitment to speculatively develop these prime units underlines our belief in this West Midlands location as a core UK logistics hub where there is a diminishing supply of Grade A accommodation and robust demand from a variety of industrial occupiers.
Andrew Cox, of Rigby Real Estate, said: Imperial Park is a major scheme which will transform an unused area of land, giving it a renewed economic relevance as a modern business hub bringing jobs and investment to Coventry and Warwickshire, and the wider regional economy.
Imperial Park enhances M&G Real Estates existing £2.2 billion exposure to the sector and follows other speculative logistics development at Optimus Point, Leicester and Logistics North, Bolton. Together with Imperial Park, Coventry, these schemes will comprise almost 1.4 million sq ft of prime logistics accommodation which is to complete over the next 9 months. M&G Real Estate is committed to investment for long term growth across the UK.
M&G is a part of Prudential plc, which has over £500 billion of assets under management and is one of the largest providers of long-term finance in the UK, including more than £50 billion invested in UK infrastructure and property across a range of sectors.
MWRE and Colliers have been appointment by M&G Real Estate as the letting agents on the scheme.