Goodman and LaSalle Investment Management have teamed up on Goodman’s 214,000 sq ft spec project at the former Jaguar Land Rover production site in Lyons Park, Coventry.
Five sheds totalling more than 214,000 sq ft will be built on a nine-acre plot of land that the jv has acquired from the Homes and Community Agency.
Shed developer Goodman will start construction of the industrial and distribution units imminently, having received planning in September.
Covrad Heat Transfer has taken a 120,000 sq ft prelet at another unit under construction on the site.
Ranging in size from 32,000 to 50,000 sq ft, the sheds are due for completion in summer 2015.
The project is the first spec development at Goodman’s Lyons Park and reflects growing confidence in speculative development.
LaSalle Investment Management regional director Chris Fry said: “We identified an opportunity to capitalise on the shortage of high-quality industrial space in an area of strong pent-up demand.
“Coventry is located in the heart of the so-called ‘golden triangle’ of distribution and Lyons Park is adjacent to the Jaguar Land Rover Pilot Plant, so we expect strong interest for the completed units from its suppliers and other occupiers attracted to the park’s strategic location.”
A further 600,000 sq ft of land is available for design-and-build opportunities at Lyons Park.
Formerly a Jaguar Land Rover production site, the park is located close to the A45 trunk road that links Coventry to Birmingham.
Savills and CBRE are acting agents.
