Verdion and L&G's Industrial Property Investment Fund (IPIF) have been granted planning permission for a £30 million urban logistics scheme in the London Borough of Greenwich's West Thamesmead Opportunity Area.
The development, to be known as LiteHub Greenwich, will be built speculatively as a multi-let industrial park offering 78,986 sq ft of new floorspace in six small to mid-box units, with occupation targeted from the fourth quarter of 2027.
Individual units will range from 5,555 sq ft to 16,000 sq ft. The developers are targeting BREEAM 'Excellent' and EPC 'A+' ratings, supported by a whole-life carbon focus, high energy performance and resilience, biodiversity-positive measures, and supply chain and site social safeguards.
The 2.6-acre brownfield site lies within an established industrial area on Nathan Way, roughly five miles east of the Blackwall and Silvertown tunnels and nine miles from the M25. It sits close to Berkeley Homes and Peabody's new 1,900-home Lombard Square development.
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 location offered considerable potential for value creation. He pointed to high volumes of new residential development coming forward nearby alongside constrained industrial and logistics supply, giving scope for a modern multi-let park aimed at occupiers seeking space close to the City and the M25. Clements added that the scheme would become the first asset in Verdion's UK-wide urban logistics platform, which targets brownfield redevelopment opportunities backed by strong ESG credentials near major population centres.