110,000 sq ft spec development to begin at L&G's M6EPIC in wigan
Legal & General Property ("LGP") announces that, together with its joint venture partner, DB Symmetry, it has secured detailed planning consent for the development of up to 182,556 sq ft of warehousing space from Wigan Council at M6EPIC, its 34 acre industrial site in South Lancashire Industrial Estate.
Work will start on site in Q1 2015, speculatively developing the next phase of the development – an 110,000 sq ft industrial distribution unit. The estimated completion date is Q3 2015. The remaining 70,000 sq ft allocated through planning provides further occupier flexibility and may be connected to the unit or developed in a later phase.
M6EPIC is one of the North West’s most significant industrial opportunity sites. The second phase of the scheme sits within a remaining 22.35 acre site that can accommodate buildings from 50,000 sq ft up to 350,000 sq ft, offering purpose-built distribution/manufacturing space constructed to occupiers' specific needs.
Located just five minutes from Junction 25 of the M6 motorway, M6EPIC occupies a strategic position at the heart of the North West distribution market. The immediate area is home to a number of major high profile occupiers including; Heinz, Sports Direct, Siemens, Bakkavor Group, Compagnie Fruitière, Norbert Dentressangle, Carlsberg and Milliken Carpets.
Will Edwards, Fund Manager at Legal & General Property, commented: "This speculative development is an example of the Fund's proactive asset management strategy and will result in a high quality, well specified warehouse being built to satisfy tenant demand in a supply constrained market. Demand for logistics units in core locations is benefiting from the recovery in retail sales and structural changes in buying patterns brought about through digital advances."
Andrew Dickman, Director at DB Symmetry, said: "We are excited to begin the next phase at M6 EPIC. While some may still view spec building as a risk we are confident that the size and quality of building will service the strong demand currently targeting the M6 corridor."
Paul Cook, Director of Industrial Agency at CBRE Manchester, added: "The new speculative development at M6EPIC represents a big vote of confidence in the North West industrial market and will deliver ready-to-occupy space in a strategic position next to the M6."
The asset is held by Legal & General on behalf of its Linked Pensions Fund (the "Fund"). Launched in 1977, the Fund has £750m of commercial property assets and invests in all main real estate asset sectors, including retail, retail warehouse, office and industrial/distribution. Offering a balanced UK property exposure, with strategic weightings to sectors forecast to outperform, added value is derived from leasing and income initiatives, in addition to superior stock selected through a rigorous asset analysis process.
- Ends -
NOTES TO EDITORSLegal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages approximately £476.8bn in assets on behalf of over 3,100 clients (30 June 2014) and provides products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 17 separate funds or vehicles including three segregated mandates with an aggregate asset value of £14.5bn as at 30 October 2014. These funds include:
Life Fund; Linked Pensions; Linked Life; Managed Fund; Legal & General UK Property Fund; UK Property Income Fund I; UK Property Income Fund II; LPI Income Property Fund and the Hybrid Property Fund
Specialist Pooled Funds
The Leisure Fund Limited Partnership; Industrial Property Investment Fund; Arlington Business Parks Partnership; and the English Cities Fund
Single Asset Vehicles
Bracknell Regeneration Partnership; Central Saint Giles Partnership
LGP’s UK-focused fund management platform has built and retained a strong track record of out-performance. Owing to its size, diversity and penetration, it benefits from best-in-class banking and property 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, leveraging the significant resources provided by the wider LGIM platform. Protecting the medium to long term value of its portfolio, as a leader in sustainability, green principles are embedded into every property and investment decision.
Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability. In particular, the Company has a major development platform, responsible for delivering community-focused projects ranging from West End landmark buildings to significant town-centre retail and leisure regeneration schemes.
Forming part of the Group’s larger UK housing and infrastructure investment strategy, LGP also continues to participate in a growing range of supply side housing activities, including financing affordable homes, the house building sector, urban regeneration, student accommodation and care homes.
For more information please contact:
PR MANAGER, LEGAL & GENERAL CAPITAL AND REAL ASSETS, LGIM (PROPERTY, INFRASTRUCTURE AND ALTERNATIVE FINANCE)
t: + 44 (0) 203 124 2777
m: + 44 (0) 7718 395 279
ABOUT LEGAL & GENERAL
Legal & General Property Limited.
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.