Legal & General Property has secured planning consent for four industrial sites across the UK.
The fund manager has permission on 600,000 sq ft of space in Manchester, Welwyn Garden City, the Alchemi site at Crick, and Rochester.
Two of the developments have been prelet. The 250,000 sq ft Central Park, Manchester, site is prelet to XPO Logistics.
The other site, on Bessemer Road, Welwyn Garden City, has three buildings under construction, and two 25,000 sq ft units are let to Direct Line and Kane International, with Travis Perkins taking a 50,000 sq ft unit.
Jonathan Holland, fund manager of Industrial Property Investment Fund at LGP, said: “Our focus with IPIF has always been on strong quality income, rental growth, and opportunities to add value to our assets. These developments demonstrate our ability to navigate the planning process to produce high-quality developments that offer strong rental income to our investors and are attractive to occupiers.
“With all four developments due for practical completion this year, we look forward to welcoming our tenants to Central Park and Bessemer Road, and progressing the already strong interest in Alchemi and Rochester.”
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