Site acquisition primes Midbox scheme

By Liza Helps Property Editor Logistics Matters

Royal London Asset management and developer Graftongate have bought a 52-acre site with outline planning permission for 645,000 ft2 at Pickford Gate Coventry, and expect to put forward reserved matters planning consent immediately.

The joint venture bought the site for an undisclosed sum from Hallam Land, the land promotion arm of Henry Boot which first applied for planning permission in 2018 and secured outline planning in 2021.

Royal London Asset Management Property head of industrial and logistics James Orr said: “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.”

It is the third piece of land within the wider 353-acre Pickford Gate, which also has planning for 2,400 homes. 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.

The sale has resulted in an ungeared internal rate of return for Henry Boot of 21.8% per annum.

Newton LDP, Hollis Hockley LLP and Shoosmiths LLP advised Hallam Land and the landowners on the sale. Pinsent Masons and BNP Paribas advised Royal London Asset Management Property.