The pension fund will join landowner Frontier Estates and Opus Land in developing a £150m ($240.8 million) industrial hub at Whitton. The scheme, to be called Lion Park, will total 2m sf of mainly warehouse space, including a 1m sf shed, and two refurbished offices of 40,000 sf and 30,000 sf each. Hotels and other leisure units are also being considered.
The developers have already secured a prelet. Former landowner IMI Components is taking 90,000 sq ft over 15 years at £5.50 ($8.80) per sf.
The deal completes IMI's sell-off of its Holford site at Witton, which included a 500,000 sf headquarters. Instead the company will move its head office to Birmingham Business Park after selling its industrial site in Witton for £27 million ($43.4 million).
The 95-acre Lion Park was all that remained of IMI's original 200 acre site. Previously 55 acres were developed by IMI as the award winning Holford Estate which was sold in 1995. Smaller parcels of land have also been sold for development over the years.
Other deals are expected with Consignia, Pearson and Matalan all currently searching the Midlands with requirements for over 500,000 sf.
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