Major land deal to fuel 645,000 sq ft employment site

Hallam Land has disposed of 52 acres at its mega-development in Coventry, in a deal which paves the way for a 645,000 sq ft industrial and logistics site.

Royal London Asset Management Property has acquired the land at the Pickford Gate scheme which already has outline planning permission for new employment space and R&D facilities.

The land promotion and planning division of Henry Boot secured planning permission for the Pickford Gate scheme in 2021. The wider development is set to create a total of 2,400 homes, of which 25% is affordable housing, alongside 37 acres of employment land, a primary school, district and local centres, green open spaces, community facilities and playing fields.

This is Hallam Land’s third sale at Pickford Gate, following the disposal to housebuilders.

Vistry Group is bringing forward 247 homes in Phase 1 after its Countryside division acquired the 31-acre site for £17m in March 2023. Citizen was appointed to own and manage Vistry’s affordable homes as part of the deal.

Hallam Land also disposed of 491 residential plots in Coventry to the David Wilson Homes division of national housebuilder Barratt Developments.

Hallam Land retains a further 1,662 plots for future sale.

Shoosmiths LLP advised Hallam Land on the sale with property agents Newton LDP and Hollis Hockley acting for Hallam Land and the landowners.

Tim Roberts, CEO at Henry Boot, commented: “This latest deal at Pickford Gate marks another successful outcome on behalf of both our shareholders and the landowners we have partnered with on the project. Pickford Gate will have a huge impact, transforming the local area, delivering much-needed homes and employment opportunities. We look forward to seeing the next phases of the development come to life.”

James Orr, Head of Industrial & 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.