Verdion and Legal & General's Industrial Property Investment Fund (IPIF) have been granted planning permission for a £30 million urban logistics scheme in the West Thamesmead Opportunity Area, within the London Borough of Greenwich.
The development, to be called 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 provide 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, placing the scheme in the small to mid-box segment of the industrial and logistics market rather than the large-format end. Because the park is being developed on a speculative basis, the six units will be built without occupiers signed in advance, with the fourth-quarter 2027 date setting the delivery timetable for the completed park.
ESG targets built into the specification
The partners are targeting BREEAM 'Excellent' and EPC 'A+' ratings for the scheme, with the plans combining:
- a whole-life carbon focus;
- high energy performance and resilience;
- biodiversity-positive measures;
- supply chain and site social safeguards.
Brownfield plot on Nathan Way
The 2.6-acre brownfield site occupies an established industrial area on Nathan Way, roughly five miles east of the Blackwall and Silvertown Tunnels and nine miles from the M25. It is also close to Lombard Square, the 1,900-home development being brought forward by Berkeley Homes and Peabody.
Verdion will be responsible for developing the site on behalf of L&G, which will own the completed asset.
First asset of a UK urban logistics platform
John Clements, executive director of Verdion and head of its UK activity, said the location within the borough offered a great deal of potential for value creation. He pointed to high volumes of new residential development coming forward nearby alongside constrained industrial and logistics supply, adding that the company sees scope to create a modern, multi-let park for occupiers seeking new opportunities close to the City and the M25.
According to Clements, LiteHub Greenwich will become the first asset in Verdion's UK-wide urban logistics platform, which targets brownfield redevelopment opportunities underpinned by strong ESG credentials and situated close to major population centres.
In practice, the consented scheme pairs a brownfield land position in an established industrial area with a small to mid-box unit mix and a sustainability specification covering carbon, energy, biodiversity and social safeguards. The developer argues that nearby residential growth, including the Lombard Square scheme, is arriving at a time when industrial and logistics supply in the area is constrained.