Legal & General’s Industrial Property Investment Fund (IPIF) has started speculative construction of “Alchemi” a 195,000 sq ft warehouse in Crick, Northamptonshire, with completion anticipated this autumn. The site lies adjacent to J18 of the M1 Motorway.
The development is one of four that Legal & General is currently developing totalling some 600,000 sq ft of industrial space.
In Manchester, LGP has worked to redevelop Central Park to secure a pre-let with XPO logistics. The 250,000 sq ft distribution warehouse is at Trafford Park.
LGP has also secured the 100 per cent pre-let of its scheme at Bessemer Road, Welwyn Garden City, to Direct Line and Kane International, both of which have taken 25,000 sq ft each, and Travis Perkins Group which has taken 50,000 sq ft.
The fund has started speculative construction of four units at its Rochester Airport Industrial Estate totalling some 40,000 sq ft.
Jonathan Holland, fund manager of IPIF at LGP, said: “With all four developments due for practical completion this year we look forward to welcoming our tenants to Central Park and Bessemer Road, and progressing the already strong interest in Alchemi and Rochester.”