Global integrated property group, Goodman, has commenced work on its first project at Lyons Park, Coventry, with the development of five industrial units totalling 214,000 sq ft. Goodman is developing the nine acre plot of land in a joint venture with the Homes and Communities Agency (HCA) and LaSalle Investment Management, a leading global real estate investment manager.
The five industrial and distribution units will range in size from 32,000 to 50,000 sq ft. The project is due for completion in summer 2015 and will be the first development of this scale built in the Midlands since 2009.
Charles Crossland, Managing Director, Goodman UK Logistics, said:
“It’s great to see work start on these five new units following months of careful planning in collaboration with our partners, LaSalle Investment Management and the HCA.
“This development is great news for the region, as it will give local companies the opportunity to expand while also attracting inward investment from businesses across the UK. Because of the lack of supply of Grade A industrial space in Coventry and the West Midlands, we are confident that we will see strong interest for the space.”
“Goodman has a proven track record of managing the delivery of prime developments and we look forward to seeing this project at Lyons Park through to its successful completion this summer.”
A further 40 acres of land is available for design and build opportunities totalling 600,000 sq ft 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.
Goodman has invested £130 million into its 1,000 acre UK land bank to ensure that outline planning and infrastructure are in place and sites are ready for construction.
This unique offering dramatically reduces the time it takes to build fully operational logistics centres. Goodman has 17 strategically-located sites across the UK, capable of delivering over 19 million sq ft of bespoke development. These sites offer exceptional access to key transport hubs, including motorway interchanges, ports and airports.
Savills and CBRE are the acting agents at Lyons Park.