Goodman, the Australian-owned developer, has won approval from planners for a 334,000 sq ft Coventry logistics development.
The scheme includes a 120,000 sq ft pre-let for local company, Covrad Heat Transfer.
Planning permission has also been received for a 214,000 sq ft development comprising five industrial and distribution units of 30,000 to 50,000 sq ft. The development of the new units will help facilitate the growth of other local organisations and attract inward investment to the region.
Building works for both developments will commence in October and are due to complete in spring 2015.
Charles Crossland, Managing Director of Goodman UK Logistics, said: “In this part of the UK there is a lack of supply of Grade A industrial space. The development of these units will give local companies the opportunity to expand while also attracting other businesses into the region.
There is scope for a further 880,000 sq ft of design and build opportunities at Lyons Park.
The site, close to the A45, was a Jaguar Land Rover production site.