The commercial space – which has planning permission for a main unit spanning 540,000 sq ft and the potential for two additional units of 40,000 sq ft and 20,000 sq ft each – has been sold to Europe’s leading logistics real estate developer, Panattoni.
The residential element of the scheme has been acquired by Taylor Wimpey Midlands. Construction is expected to commence early 2025, with 25% of the properties allocated as affordable housing. It will also include a play area, footpaths, cycle routes and landscaping to enhance community living.
Adrian Clack, managing director at L&Q Estates, said: “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. This development will provide valuable jobs and homes for local people and help businesses with their growth plans, boosting the regional economy.”
Justin Quibell, strategic land and development specialist at Holt Property, which played a pivotal role in the transaction, added: “Our team's dedication and expertise were key in navigating this complex sale, ensuring a remarkable outcome for all parties involved. The strategic location and substantial scale of this development make it a significant achievement for Holt Property and our partners.”
Acting on behalf of L&Q Estates, Shakespeare Martineau’s team included Paul Wakefield (legal planning) and Jack Kelly (land).
Jack Kelly, land legal director at Shakespeare Martineau, said: “We are thrilled to have supported L&Q Estates in this notable transaction. The sales to Panattoni and Taylor Wimpey are testament to the perseverance and strategic vision of L&Q Estates, transforming L&Q’s 30-year interest in the land into a successful and impactful development project.
“We are proud to have played a part in a project that will bring valuable jobs, homes and commercial opportunities to the Coventry area, enhancing the community and boosting the regional economy.”
