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Prime Coventry site sold for major development

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Prime Coventry site sold for major development

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In a significant transaction facilitated by full-service law firm Shakespeare Martineau, L&Q Estates and Holt Property have successfully sold a substantial site in Coventry

Following a planning appeal last year, L&Q Estates secured planning permission for a substantial project encompassing over 600,000 sq ft of commercial space and up to 73 homes in Longford, strategically located within the Midlands golden logistics triangle.

The commercial aspect of the development, with planning consent for a primary unit spanning 540,000 sq ft and potential for two additional units of 40,000 sq ft and 20,000 sq ft each, has been acquired by Panattoni, Europe’s leading logistics real estate developer. This acquisition underscores the site's appeal for logistics operations, benefitting from proximity to five major motorways within 15 miles of Junction 3 of the M6.

Meanwhile, Taylor Wimpey Midlands has acquired the residential component of the project. Construction is slated to commence in early 2025, with plans for 25% of the homes designated as affordable housing. The development will also feature amenities such as a play area, footpaths, cycle routes, and extensive landscaping aimed at enhancing community living.

Adrian Clack, Managing Director at L&Q Estates, highlighted the strategic significance of the site: “This prime location near Junction 3 of the M6 is ideal for new employment space and much-needed housing. Its appeal to the logistics sector has generated significant interest, reflecting its pivotal role in supporting local economic growth and job creation.”

Justin Quibell, Strategic Land and Development Specialist at Holt Property, emphasized the complex nature of the transaction and its positive outcomes: “Our team's expertise was instrumental in navigating this complex sale, ensuring a successful outcome for all stakeholders. This development marks a significant achievement for Holt Property and underscores our commitment to delivering impactful projects.”

Acting on behalf of L&Q Estates, Shakespeare Martineau’s legal team, including Paul Wakefield (Legal Planning) and Jack Kelly (Land), played a crucial role in facilitating the transaction. Jack Kelly, Land Legal Director at Shakespeare Martineau, expressed pride in the firm’s involvement: “We are delighted to have supported L&Q Estates in this landmark transaction. The sales to Panattoni and Taylor Wimpey underscore the strategic foresight of L&Q Estates in transforming this site into a catalyst for economic growth and community development.”

This development project promises to bring significant benefits to the Coventry area, including job opportunities, housing solutions, and commercial prospects, thereby contributing to the region’s economic vibrancy and enhancing local quality of life.

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