Legal & General Property submits planning application for strategic warehouse development in Corby.
18 May 2011
Legal & General Property (“LGP”), on behalf of its Industrial Property Investment Fund (“IPIF”), has submitted an outline planning application for a new 81,800 sq m rail connected cross dock distribution warehouse at its 70 acre former Gefco UK Car Storage Site on Geddington Road in Corby.
The scheme, known as Cor!, will see the construction of a rail connected warehouse of up to 81,800 sq m and the adaption of the site’s rail terminal for intermodal container movements between trains and the warehouse. It is anticipated that the cross dock warehouse will incorporate approximately 3,700 sq m of office space as well as providing lorry and car parking, landscaping and supporting infrastructure.
LGP along with its development partner, Roxhill Developments, who are experts in developing land for strategic warehouse and distribution, anticipate good demand for the warehouse which will be linked via the Midland Mainline to the Port of Felixstowe and Birmingham.
The development will make a significant contribution to the economic wellbeing of Corby. It is estimated that up to 1,000 new jobs at a range of skill levels will be created. In addition, the development will bring new employment to the supply chain and support services, raise skill levels through workforce training opportunities and generate additional revenue sources within the local economy.
Burbage Realty, CBRE and King Sturge, have been appointed to market the scheme.
Attached: Photo of Jonathan Holland, Senior Fund Manager for IPIF.
Notes to editors
For further information, please contact:
Dido Laurimore / Olivia Goodall
Financial Dynamics (for Legal & General Property)
020 7831 3113
Legal & General Property
020 3124 2700
Legal & General Property:
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM) and one of the largest institutional property fund managers in the UK. LGIM had funds under management of over £356bn as at 31 March 2011, whilst LGP manages or co-manages 16 separate funds or vehicles and 2 segregated mandates, with an aggregate asset value of over £9.8bn as at 31 December 2010. These funds include:
Specialist Pooled Funds
The Leisure Fund Limited Partnership; Industrial Property Investment Fund; UK Logistics Fund; Arlington Business Parks Partnership; and the English Cities Fund
Single Asset Vehicles
Bracknell Regeneration Partnership; Central Saint Giles Partnership; Performance Retail Limited Partnership and Warrington Retail Limited Partnership
Life Fund; Linked Pensions; Linked Life; Managed Fund; Property Unit Trust, UK Property Income Fund; and LPI Income Property Fund.
LGP’s UK-focused fund management platform has built and retained a strong track record of out-performance across the sector. Owing to its size, diversity and penetration, it benefits from best in class banking and property industry contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities. Taking a client-centric approach, the business places the highest priority upon integrity and transparency. Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability.
LGP’s sector specialism’s cross all facets of the real estate market. In particular, the Company has a major development platform, responsible for delivering the West End office market’s latest landmark, Central Saint Giles, and currently involved in developing two further high profile London schemes, Walbrook Square and Agar Street, as well as significant town-centre retail regeneration projects, including Bracknell, Northampton and Eastbourne.
For more information please contact:
PR Manager Investments
t: +44 (0) 2031 242096
About Legal & General
Legal & General Property Limited.
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.