600,000 sq ft commercial space sold to Panattoni at prime Coventry site

600,000 sq ft commercial space sold to Panattoni at prime Coventry site

L&Q Estates and Holt Property have secured a major sale of a 600,000 sq ft commercial development at M6 Junction 3.

L&Q Estates, a leading land promoter and developer, along with Holt Property, a specialist strategic land and property development agency, have successfully sold a significant site poised to create over 70 homes and extensive new employment space on the edge of Coventry.

Warwick-based L&Q Estates obtained outline planning permission for more than 600,000 sq ft of commercial development on land off Wilsons Lane/A444 in Longford, situated in the heart of the Midlands’ Golden Triangle, following an appeal last year. Holt Property, instrumental in the sale, played a pivotal role in this landmark transaction.

The residential element of the site, set to include up to 73 new homes, has been sold to Taylor Wimpey Midlands. The development will feature a mix of one- to four-bedroom properties, with 25% designated as affordable housing. The site will also include a play area, footpaths, cycle routes, and landscaping to enhance the community. Construction is expected to commence in early 2025.

The highlight of the development, 600,000 sq ft of commercial space, has been sold to Panattoni, the largest logistics real estate developer in Europe. This significant commercial sale underscores the site's strategic importance and attractiveness to the logistics sector.

Adrian Clack, Managing Director at L&Q Estates, said there had been a high level of interest from developers.

He said: “This site near J3 of the M6 is a prime location for new employment space and much-needed homes because of its proximity to the motorway network. The site’s sought-after location for the logistics sector, with five motorways within 15 miles of J3 of the M6, generated enormous interest."

“This development will provide valuable jobs and homes for local people and help businesses with their growth plans, boosting the regional economy.”

Justin Quibell from Holt Property, who was central to the successful transaction, added: “Our team's dedication and expertise were key in navigating this complex sale, ensuring a remarkable outcome for all parties involved. The strategic location and substantial scale of this development make it a significant achievement for Holt Property and our partners.”

Gregg Titley, of Panattoni, said: “Securing this site aligns with our mission to develop prime logistics space across Europe. The excellent transport links and strategic location will serve our clients exceptionally well.”

Joe Blincoe, Land and Planning Director at Taylor Wimpey Midlands, said: “We are excited to begin work on this residential project and deliver much needed new homes in the area. The diverse housing options and community-focused amenities will make this a highly desirable place to live.”

Caption: The site on land off Wilsons Lane/A444 in Longford, Coventry, which has been sold

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