Legal & General Property (LGP) and its joint venture partner DB Symmetry, have secured planning consent for the development of up to 182,556 sq ft (17,000 m2) of warehousing space at their industrial site in Wigan, northwest England.
Legal & General Property (LGP) and its joint venture partner DB Symmetry, have secured planning consent for the development of up to 182,556 sq ft (17,000 m2) of warehousing space at their industrial site in Wigan, northwest England.
Work will start on the M6EPIC site in the first quarter of 2015 and involve the speculative development of the first phase of the project, an 110,000 sq ft industrial distribution unit.
The estimated completion date is Q3 2015.
Will Edwards, fund manager at LGP, commented: 'Demand for logistics units in core locations is benefiting from the recovery in retail sales and structural changes in buying patterns brought about through digital advances.'
Paul Cook, director of industrial agency at CBRE Manchester, added: 'The new speculative development at M6EPIC represents a big vote of confidence in the northwest industrial market and will deliver ready-to-occupy space in a strategic position next to the M6.'
The asset is held by Legal & General on behalf of its Linked Pensions Fund. Launched in 1977, the fund has £750 mln of commercial property assets.
