Royal London Asset Management Property and industrial developer Graftongate have joined forces to develop a 21-hectare prime industrial and logistics site in Coventry, UK, known as Pickford Gate.
The acquisition, secured from Hallam Land, paves the way for a development offering up to 59,922 m2 of new employment space, encompassing industrial, logistics, manufacturing, and research & development facilities.
The joint venture will prioritize sustainable development, focusing on creating a high-quality environment for future occupants and incorporating strong ESG credentials. The JV partners are moving forward immediately with a reserved matters planning application to secure final approval for the project.
James Orr, head of industrial & logistics at Royal London Asset Management Property, said: ‘This acquisition aligns with our strategy to repurpose capital and enhance portfolio value. Together with our Development Manager, Graftongate, we are committed to creating best-in-class facilities for industrial and logistics occupiers, prioritising high-quality environments with advanced ESG standards. Our proposed scheme at Pickford Gate offers an exceptional opportunity, thanks to its prime location and strategic road connections, to bring much-needed multi-let mid-box space to a market currently dominated by large-scale logistics. We anticipate strong interest, particularly in this under-served regional sector.’
Tim Roberts, CEO at Henry Boot, commented: ‘This latest deal at Pickford Gate marks another successful outcome on behalf of both our shareholders and the landowners we have partnered with on the project. Pickford Gate will have a huge impact, transforming the local area, delivering much-needed homes and employment opportunities. We look forward to seeing the next phases of the development come to life.’
Pickford Gate is part of a wider scheme that includes 2,400 new homes, at least 25% of which will be affordable, along with a primary school, various community amenities, and green spaces. The development benefits from a new road junction, funded through the Homes England Housing Infrastructure Fund, which was completed in April 2024 and connects directly to the A45 dual carriageway, providing easy access to Coventry, Birmingham, and other key road networks.
Newton, Hollis Hockley and Shoosmiths advised Hallam Land and the landowners on the sale, while Pinsent Masons and BNP Paribas advised Royal London Asset Management Property.
