Verdion and Legal & General's Industrial Property Investment Fund (IPIF) have been granted planning permission for a £30 million urban logistics development in the West Thamesmead Opportunity Area, within the London Borough of Greenwich.
The scheme, named LiteHub Greenwich, will provide 78,986 sq ft of new floorspace in six small to mid-box units, ranging from 5,555 sq ft to 16,000 sq ft. It will be built as a multi-let industrial park, with the space due to be ready for occupation from the fourth quarter of 2027.
Verdion is proceeding on a speculative basis, meaning the units will be constructed before occupiers are signed up, on the strength of the site's location and the developer's reading of local demand.
Energy and environmental targets
The buildings are being designed to target BREEAM 'Excellent' and an EPC 'A+' rating. The consented plans incorporate a whole-life carbon focus, high energy performance and resilience, biodiversity-positive measures, and supply chain and site social safeguards.
Brownfield site in an established industrial area
The 2.6-acre plot is brownfield land on Nathan Way, inside an established industrial area. It lies roughly 5 miles east of the Blackwall and Silvertown Tunnels and 9 miles from the M25.
It is also close to Lombard Square, the new 1,900-home development by Berkeley Homes and Peabody — a factor the developer links to demand for modern space in the area.
Verdion will develop the site on behalf of L&G, which will own the completed asset.
Developer's view of the opportunity
John Clements, executive director of Verdion and head of its UK activity, said the Greenwich location offers considerable potential for value creation. He pointed to high volumes of new residential coming forward nearby alongside constrained industrial and logistics supply, which in his view gives scope for a modern multi-let park aimed at occupiers seeking space close to the City and the M25.
Clements added that LiteHub Greenwich would become the first asset in Verdion's UK-wide urban logistics platform, which will target brownfield redevelopment opportunities underpinned by strong ESG credentials and located close to major population centres.
The value-creation case and the supply constraints described are the developer's own assessment, and the environmental ratings are stated as targets rather than certified outcomes. No occupiers have been announced for the scheme.