Green light secured for major urban logistics project

A joint venture between an industrial developer and an impact investor has secured planning permission to build 254,000 sq ft of urban logistics space in Coventry.Known as Holbrook Business Park, the speculative development will be situated on a 12-acre plot situated off Holbrook Lane and Swallow Road.The scheme, brought forward by Chancerygate and Bridges Fund Management, has a gross development value of £35m and will comprise 31 grade A units ranging from 2,153 sq ft to 40,053 sq ft.Accommodation at the site, which was previously home to the Meggitt aerospace factory, will be available on a leasehold basis.The warehousing and industrial space will be completed in two phases, with Chancerygate set to commence construction of phase one in August 2021. The initial phase, which will comprise 105,218 sq ft of industrial space across 17 units, is due to be completed in June 2022.Chancerygate and Bridges Fund Management have been working in partnership on projects for more than 10 years. Investments include the regeneration of Beeston Business Park and the development of The Curve, a student housing development in London SE1.Joint agents on the scheme are Avison Young and KWB.