The land has been acquired by Royal London Asset Management Property with the scheme to be delivered by national developer Graftongate.
Hallam Land, the land promotion and planning arm of property development business Henry Boot, promoted the site and secured the allocation within the Coventry Local Plan.
Warwickshire-based property agency Newton LDP, with joint agent Hollis Hockley, marketed the site and advised the landowners and Hallam Land. Lodders LLP and Forsters LLP represented the landowners from a legal perspective while law firm Shoosmiths LLP acted on behalf of Hallam Land.
It is the third piece of land within the wider 353-acre Pickford Gate scheme, which was allocated for development in the Coventry Local Plan, to be sold by Newton LDP.
A site for 247 new homes was sold to Countryside Partnerships in March 2023 before David Wilson Homes bought a parcel of land for 491 new homes in September 2024.
As well as the employment use, Pickford Gate will accommodate 2,400 new homes - of which, at least 25% will be affordable housing - a primary school, district and local retail centres, green open spaces, community facilities and playing fields.
The deal is the latest in a line of major transactions Newton LDP has concluded in recent months, including the sale of a 32-acre site at Cawston Lane, Rugby, for up to 210 homes and a primary school.
Richard Foxon, Managing Director of Newton LDP, said: “We’re delighted to have sold this highly sought-after and prominent parcel of employment land.
“This deal represents the latest milestone in the hugely exciting Pickford Gate development which will help to provide essential new homes and bring wide-ranging economic benefits to the region.”
The wider project also features a new junction which connects Pickford Gate directly to the A45 dual carriageway, providing access to Coventry, Birmingham and other key arterial roads. Hallam Land secured funding through the Homes England Housing Infrastructure Fund (HIF) to deliver the junction, which was successfully completed in April.
Tim Roberts, CEO at Henry Boot, said: “The latest sale at Pickford Gate marks another successful outcome on behalf of both our shareholders and the landowners we have partnered with at the project, following our recent disposals of residential plots to UK housebuilders.
“Pickford Gate will transform the local area, delivering much-needed homes and jobs and we look forward to seeing the next phases of the site come to life.”
James Orr, Head of Industrial and Logistics at Royal London Asset Management Property, said:
“This acquisition aligns with our strategy to repurpose capital and enhance portfolio value. Together with our Development Manager, Graftongate, we are committed to creating best-in-class facilities for industrial and logistics occupiers, prioritising high-quality environments with advanced ESG standards.
“Our proposed scheme at Pickford Gate offers an exceptional opportunity, thanks to its prime location and strategic road connections, to bring much-needed multi-let mid-box space to a market currently dominated by large-scale logistics. We anticipate strong interest, particularly in this under-served regional sector.”
Pinsent Masons and BNP Paribas advised Royal London Asset Management Property.
Pickford Gate is located 3.1 miles (5km) west of Coventry city centre and approximately 7.9 miles (12.6 km) east of Solihull. It is extremely well located within the local infrastructure network and benefits from direct access to the A45 which connects the site to Coventry, Birmingham and beyond.
