Verdion and L&G’s Industrial Property Investment Fund (IPIF) have secured planning permission for a £30 million urban logistics scheme in the West Thamesmead Opportunity Area, within the London Borough of Greenwich.
The project, named LiteHub Greenwich, will be built speculatively as a multi-let industrial park. It is scheduled to be ready for occupation from the fourth quarter of 2027 and will offer 78,986 sq ft of new floorspace across six small to mid-box units.
Unit range and sustainability targets
The units will range in size from 5,555 sq ft to 16,000 sq ft. The development is targeting BREEAM Excellent certification and an EPC A+ rating. Its environmental approach includes a whole-life carbon focus, high energy performance and resilience, measures intended to support biodiversity, and supply chain and site social safeguards.
The scheme will occupy a 2.6-acre brownfield site in an established industrial area on Nathan Way. The location is about 5 miles east of the Blackwall and Silvertown Tunnels and 9 miles from the M25. It is also close to Berkeley Homes and Peabody’s new 1,900-home Lombard Square development.
Development roles and market rationale
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 Greenwich location offered considerable potential for value creation. He pointed to a large volume of new housing nearby and limited industrial and logistics supply as factors creating scope for a modern, multi-let park aimed at occupiers seeking space close to the City and the M25.
Clements said LiteHub Greenwich would become the first asset in Verdion’s UK-wide urban logistics platform. That platform is focused on brownfield redevelopment opportunities supported by strong environmental, social and governance credentials and located near major population centres.