Verdion and Legal & General's Industrial Property Investment Fund (IPIF) have secured planning permission for a £30 million urban logistics development in the West Thamesmead Opportunity Area, within the London Borough of Greenwich.
The scheme, to be known as LiteHub Greenwich, will be built speculatively rather than against a signed occupier, and is intended to deliver a multi-let industrial park ready for occupation from the fourth quarter of 2027.
The plans set out 78,986 sq ft of new floorspace across six small to mid-box units. Individual units will range from 5,555 sq ft to 16,000 sq ft, giving the park a unit mix pitched between the small and mid-box segments of the industrial market.
Sustainability targets
The development is targeting BREEAM 'Excellent' and an EPC 'A+' rating. According to the partners, a whole-life carbon focus, high energy performance and resilience, biodiversity-positive measures, and supply chain and site social safeguards all form part of the proposals.
Brownfield site close to new homes
The 2.6-acre site is brownfield land within an established industrial area on Nathan Way. It sits five miles east of the Blackwall and Silvertown Tunnels and nine miles from the M25, and neighbours Berkeley Homes and Peabody's new 1,900-home Lombard Square development.
Development and ownership roles
Verdion will act as developer on behalf of L&G, which will own the completed asset once the park is built out.
Developer's rationale
John Clements, executive director of Verdion and head of its UK activity, said the location within the borough offered considerable potential for value creation. He pointed to high volumes of new residential development coming forward nearby alongside constrained industrial and logistics supply, which he said created scope for a modern, multi-let park serving occupiers looking for new opportunities close to the City and the M25.
He added that LiteHub Greenwich would become the first asset in Verdion's UK-wide urban logistics platform, which targets brownfield redevelopment opportunities underpinned by strong ESG credentials close to major population centres.
The announcement confirms the consent and the partners' development intentions, but names no construction contractor, identifies no prospective occupiers and gives no cost breakdown beyond the £30 million headline figure.