Verdion and L&G's Industrial Property Investment Fund (IPIF) have secured planning permission for a £30 million urban logistics scheme in the West Thamesmead Opportunity Area, within the London Borough of Greenwich.
The development, called LiteHub Greenwich, will be built speculatively as a multi-let industrial park. It will provide 78,986 sq ft of new floorspace in six small to mid-box units, with occupation targeted from the fourth quarter of 2027.
The units are planned to range from 5,555 sq ft to 16,000 sq ft. The scheme is targeting BREEAM Excellent and EPC A+ ratings through a whole-life carbon focus, high energy performance and resilience, biodiversity-positive measures, and supply-chain and site social safeguards.
Brownfield site near new homes
The 2.6-acre brownfield site lies in an established industrial area on Nathan Way. It is about five miles east of the Blackwall and Silvertown tunnels and nine miles from the M25, close to Berkeley Homes and Peabody's 1,900-home Lombard Square development.
Verdion will develop the site on behalf of L&G, which will own the asset.
John Clements, executive director of Verdion and head of its UK activity, said the Greenwich location offers considerable value-creation potential. He pointed to large volumes of new residential development nearby and constrained industrial and logistics supply, adding that the site gives scope for a modern multi-let park aimed at occupiers seeking space close to the City and the M25.
Clements said LiteHub Greenwich would become the first asset in Verdion's UK-wide urban logistics platform, which targets brownfield redevelopment opportunities supported by strong ESG credentials near major population centres.