Cole Waterhouse, working with funding partner Peveril Securities, has outline consent for the 16 acre site off the A34 and close to the M6 motorway, the 15.9-acre employment site.
A second 170,000 sq ft warehouse could also be built.
“With planning now approved, we are working closely with our project team and will be appointing a contractor imminently,” said Cole Waterhouse planning manager George Smith
The site has already attracted interest from a number of high-profile funders looking to forward purchase the scheme.
Lymedale occupiers include ASDA, New Look, Parcelforce, TK Maxx and Smyth’s Toys.
MHA Architects and Lichfields planning consultants have advised on the application. Metis Real Estate has been appointed as capital markets’ adviser for the scheme, with Sixteen Real Estate instructed as letting agent.