Panattoni has announced plans to develop a £135 million speculative logistics development in Coventry.

The net zero carbon development, called Panattoni Park Coventry, will be located on a 47-acre site by junction 3 of the M6, which Panattoni has just acquired from L&Q Estates.

The site has outline planning consent for 600,000 sq ft of logistics space. Panattoni will develop the largest unit of 540,000 sq ft and has the opportunity to develop two further units of 40,000 sq ft and 20,000 sq ft.

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Panattoni Park Coventry is located in the logistics “Golden Triangle”, adjacent to junction 3 of the M6 and with excellent communication links to the M1 and M69 motorways. There is an additional eight-acre parcel of land as part of the outline planning consent, which has been acquired by Taylor Wimpey.

The site acquisition is part of Panattoni’s strategy, which focuses on speculative development in areas where there is a critical shortage of space and significant rental growth potential.

Gregg Titley, Head of Development East and West Midlands at Panattoni, said: "This is a rare opportunity for us to acquire a prime development site in the Golden Triangle. There is a lack of supply of large logistics units of 500,000 sq ft plus in the region, while demand remains strong."

L&Q Estates and the Landowners was advised by Holt Property.