L&Q sells 600,000 sq ft Coventry site to Panattoni

L&Q Estates has sold a 600,000 sq ft site in Coventry to industrial developer Panattoni, which is drawing up plans for a £135m GDV speculative development. The site also has a residential element, which has been acquired by Taylor Wimpey. It is designed for up to 73 homes, with construction expected to begin in early 2025. Combined, the total GDV of the site is estimated to be around £155m. The sale price was not disclosed. Following a planning appeal last year, Warwick-based L&Q Estates secured outline planning permission for commercial development at the site, off Wilsons Lane in Longford. Adrian Clack, managing director at L&Q Estates, noted a high level of interest from developers, adding: “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.” Greg 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.” Justin Quibell of Holt Property, which advised L&Q Estates on the deal, said: “The site’s prime location and significant scale present a remarkable opportunity for commercial and residential development.”