Richardson and Erdgard exchange contracts to purchase 10 acres in Wolverhampton for a mid-box industrial & logistics scheme

As reported by Charlie Schouten in Green Street News, 10th November 2025

Investor Richardson and developer Erdgard have teamed up to acquire Lloyds Banking Group’s office in Wolverhampton to bring forward a logistics scheme, Green Street News can reveal.

The partners are now drawing up plans for a 160,000 sq ft mid-box logistics project, having acquired the office from the bank, which had deemed the building surplus to requirements.

The bank had instructed CBRE to find a buyer for the 106,000 sq ft building in June this year, as part of a plan to right-size its office footprint.

The office, which sits within a wider 10 acre site, had been in Lloyds’ ownership and occupation since it was built in 1995. It is located around two miles from junction 2 of the M54 and four miles from Wolverhampton. The building will be vacated by the middle of next year.

Allan Wilson, director of Erdgard Developments, said: “We are extremely excited to bring forward another scheme with the Richardson family business and look forward to delivering units of the highest quality to meet a wide range of occupier requirements.”

Lloyds’ move to sell the site follows the similar, albeit significantly larger, sale of a plot in Leeds. Green Street News revealed in April that the group had instructed JLL and CBRE to sell Lovell Park, a 270,000 sq ft building in the centre of Leeds, which offers the potential to be redeveloped into a £300m mixed-use project.

The sale was launched as Lloyds moved its Leeds headquarters to 11 and 12 Wellington Place. The firm signed up for 120,000 sq ft at its new premises, in one of the region’s largest letting deals in recent years.

The group announced in 2022 that it will reduce its office footprint by 30% over the next two years as part of cost-saving measures, brought about by the adoption of hybrid working since the Covid-19 pandemic.