3M SF Midland Shed Scheme Approved As Industrial Take-Up Leaps By 25%
A mere 37 months after they applied for planning permission — and six months after Gazeley, applicants on the neighbouring site, fell foul of the planners — DB Symmetry has won planning permission for 3M SF of new logistics floorspace at Lutterworth.
The Secretary of State has decided not to call in the decision to approve the plans for a site near Magna Park. The move means Harborough council, who approved the plans in November, can now grant formal consent.
The permission is for the development of up to 3M SF of logistics buildings in units of up to 18 metres in height. The site will be accessed off a new roundabout onto the A4303 giving access onto both the A5 and M1 (Junction 20).
Gazeley, which had been pursuing simultaneous plans for a 4.5M SF extension to the Magna Park logistics hub at Lutterworth, ran into problems in January when local councillors objected.
“After reviewing our options, we can confirm that Gazeley will appeal the decision made by Harborough District Council on 10 January 2018 regarding our planning application for the expansion of Magna Park Lutterworth," a Gazeley spokesperson told Bisnow this week.
The approval comes as Savills reports that take-up of industrial & logistics space (units of 100K SF or more) hit 16.4M SF in the first half of 2018, a 25% increase on last year’s figure and 33% above the long-term average. Demand has once again been underpinned by online retail activity with occupiers in the sector accounting for 28% of all transactions.
This increase has led to a slight drop in supply, falling from 28.4M SF at the start of the year to 27.8M SF in the first half of 2018. Savills is tracking more than 9.4M SF of speculative development across 49 units due to be delivered in 2018-19. This is the highest level recorded for more than 10 years as developers continue to capitalise on the popularity of the sector.
DB Symmetry is 60% owned by clients advised by Delancey.