Verdion and Legal & General's Industrial Property Investment Fund (IPIF) have been granted planning permission for a £30 million urban logistics scheme in the West Thamesmead Opportunity Area, within the London Borough of Greenwich.
The development, to be called LiteHub Greenwich, will be built speculatively as a multi-let industrial park, with occupation from the fourth quarter of 2027. The consented plans provide 78,986 sq ft of new floorspace in six small to mid-box units, each ranging from 5,555 sq ft to 16,000 sq ft.
Specification and targets
The scheme is targeting BREEAM 'Excellent' certification and an EPC 'A+' rating. Its specification combines a whole-life carbon focus with high energy performance and resilience, biodiversity positive measures, and supply chain and site social safeguards.
Site and surroundings
The 2.6-acre brownfield site sits in an established industrial area on Nathan Way, five miles east of the Blackwall and Silvertown Tunnels and nine miles from the M25, close to Berkeley Homes and Peabody's new 1,900-home Lombard Square development.
Roles and rationale
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 potential for value creation, citing high volumes of new residential development coming forward nearby alongside constrained industrial and logistics supply. That combination, he said, gives scope to create a modern, multi-let park for occupiers seeking new opportunities 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 will target brownfield redevelopment opportunities underpinned by strong ESG credentials close to major population centres.