Legal & General Property and joint venture partner DB Symmetry have secured planning consent for an 180,000 sq ft industrial development at M6 EPIC, its 34-acre site in South Lancashire Industrial Estate.
Work will start in the next couple of months, to speculatively develop a 110,000 sq ft industrial distribution unit on a 9-acre site. The estimated completion date is autumn 2015.
The remaining 70,000 sq ft allocated in the planning permission will allow for occupier flexibility and may be connected to the unit or developed in a later phase.
L&G and DB Symmetry acquired the Wigan site in 2013. Around 12-acres have been developed, while the second phase of the scheme can accommodate buildings from 50,000 sq ft up to 350,000 sq ft.
Will Edwards, fund manager at Legal & General Property, said: "This speculative development is an example of the fund's proactive asset management strategy and will result in a high quality, well specified warehouse being built to satisfy tenant demand in a supply constrained market. Demand for logistics units in core locations is benefiting from the recovery in retail sales and structural changes in buying patterns brought about through digital advances."
Andrew Dickman, Director at DB Symmetry, said: "We are excited to begin the next phase at M6 EPIC. While some may still view spec building as a risk we are confident that the size and quality of building will service the strong demand currently targeting the M6 corridor."
The asset is held by Legal & General on behalf of its Linked Pensions Fund.
CBRE, B8 Real Estate and Moriarty & Co are joint letting agents at M6 EPIC. AEW Architects designed the warehouse.