Network Rail is to take the first 300,000 sq ft unit at Prologis’ Ryton site, as the developer invests heavily in the Coventry site.
Network Rail will be the first occupier of the site, which was where Peugeot's UK manufacturing facility previously stood. It has signed a design-and-build deal with Prologis which will see construction complete by March 2013.
Simultaneously, Prologis has expanded the Ryton site by 50%. The 33-acre land deal with Ryton Properties means Prologis Park Ryton now totals 98 acres.
The site has a frontage to the A45 and is close to Coventry airport, and the M1, M40, M6 and M69 motorways. Infrastructure work on the site is already in progress, said Prologis.
The investment in Ryton comes as the supply of newly-built warehouse units in the Midlands tightens.
Andrew Griffiths, managing director of Prologis UK, said: “With the supply of standing stock in such short supply, we are aware of the importance of having strategic and deliverable land opportunities available to offer customers on a build-to-suit basis. The acqusition of the extension land allows us to offer a broader range of development opportunities to our customers within a high quality business park environment.”
Jones Lang LaSalle, Gerald Eve and North Rae Sanders acted for Prologis in the Network Rail deal.