SEGRO has completed the purchase of a 450-acre site adjacent to Coventry Airport as part of its strategy to build scale in its high-quality UK logistics portfolio.Known as Gateway South, Coventry, the site is located just south of the city and the A45 with excellent access to a number of motorways. Planning consent has already been secured to develop 3.7m sq ft of industrial and warehouse buildings with a gross development value in excess of £400 million. The development will include investment to remediate the former sewage works and post-war landfill site, build new road and drainage infrastructure and create a 230-acre community park.
The infrastructure and remediation works will begin this month and will be completed in early 2023, with the first occupation of the industrial and logistics park possible from this date.
As part of the land transaction, SEGRO is acquiring all interests in the Coventry & Warwickshire Development Partnership – the scheme developer formerly owned by Rigby Group, Roxhill and SEGRO – which enables the company to take whole ownership of the site.
SEGRO expects demand for high-quality logistics space in the UK to remain strong and has an ambitious pipeline of opportunities in the East Midlands and along the M1 corridor which will enable it to grow its long-term footprint in this market.
Gateway South, Coventry will be SEGRO’s latest UK big box development to follow on from the successful SEGRO Logistics Park East Midlands Gateway, a 700-acre development with planning consent for up to 6,000,000 sq ft of warehousing and logistics accommodation. The development is anticipated to create over 7,000 jobs.
Source : Company