Verdion and Legal & General's Industrial Property Investment Fund (IPIF) have secured planning permission for a £30 million urban logistics development in the West Thamesmead Opportunity Area within the London Borough of Greenwich.
The scheme, to be known as LiteHub Greenwich, will be built speculatively as a multi-let industrial park. It is designed to provide 78,986 sq ft of new floorspace across six small to mid-box units, with occupation targeted from the fourth quarter of 2027.
Individual units will range from 5,555 sq ft to 16,000 sq ft. The proposals target BREEAM 'Excellent' certification and an EPC 'A+' rating, supported by a whole-life carbon approach, high energy performance and resilience measures, biodiversity-positive provisions, and supply chain and site social safeguards.
The 2.6-acre brownfield plot sits within an established industrial area on Nathan Way. According to the developers, it lies five miles east of the Blackwall and Silvertown Tunnels and nine miles from the M25, next to Berkeley Homes and Peabody's new 1,900-home Lombard Square development.
Verdion will act as developer on behalf of L&G, which will own the completed asset.
John Clements, executive director of Verdion and head of its UK activity, said the location offered considerable potential for value creation. He pointed to high volumes of new residential development coming forward nearby alongside constrained industrial and logistics supply, which he said gave scope for a modern multi-let park aimed at occupiers seeking space close to the City and the M25.
Clements added that LiteHub Greenwich would become the first asset in Verdion's UK-wide urban logistics platform, which targets brownfield redevelopment opportunities underpinned by strong ESG credentials and located close to major population centres.