SEGRO has completed the purchase of a 450-acre site near Coventry Airport with a gross development value of more than £400m.
Planning consent has already been secured to develop 3.7m sq ft of industrial and warehouse buildings on the site, which is known as Gateway South, Coventry.
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.
Andrew Pilsworth, business unit director, SEGRO said: “Gateway South, Coventry is truly an excellent location. It’s well-connected, close to major population centres and it’s one of a small number of sites that can accommodate our long-term vision of creating a high-quality industrial and logistics 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.