Legal & General Property has been granted planning permission for a rail-connected distribution warehouse to span almost 1 million sq. ft. The development, to be based at its former Gefco Car Storage site in Corby, is expected to consist of a large cross docked warehouse of c. 880,000 sq. ft, with approximately 40,000 sq. ft of office space, parking for large vehicles, landscaping and supporting infrastructure.
Legal and General Property, along with its development partner, Roxhill Developments, specialists in developing land for distribution, are anticipating strong demand for the warehouse. Situated in the centre of Corby, it will be linked via the Midland Mainline to Birmingham, London, and nearby ports.
With a rail transport link in progress, supporting low carbon transportation across the UK, this commercial property has the additional benefit of being located within the 'golden triangle' of the M69, M1 and M6 motorways, putting most major towns within England and Wales within four hours by road.
The Senior Fund Manager at LGP, Jonathan Holland, noted that "There are very few competing sites which benefit from the scale, flexibility and connectivity of this site, with the added benefit of having a rail head in situ which connects it to the Port of Felixstowe."
Corby is reported to be undergoing significant regeneration with many large distribution companies taking advantage of the favourable location and the plentiful workforce.
Legal & General Property (LGP) is a subsidiary of Legal & General Investment Management (LGIM), and manages or co-manages 16 separate funds or vehicles and 2 segregated mandates, with an aggregate asset value of over £9.8 billion as of 31 December 2010. Shares in the Legal & General Group closed yesterday at 104.80p.
Are you interested in commercial property listings in the Midlands? UK Business Property manages its listings by major towns and cities in the UK, including Derby, Leicester, Nottingham, and Birmingham.