Detailed planning consent has been secured for a parcel hub of approximately 60,000 sq ft in Wolverhampton which is to be occupied by DPD.
Revolution Park was launched by Trebor Developments and Schroders Capital UK Real Estate Fund (SCREF) in the fourth quarter of 2021.
Terms have been agreed with DPD to build a single unit which will cover the majority of the 10.5-acre site.
Greg Dalton, development manager for Trebor, said: "We're looking forward to pressing on with the redevelopment of the site, and it's fantastic to be working with Schroders and DPD to deliver this best-in-class asset.
"Our focus now shifts to delivering the unit on budget and on programme."
Rob Cosslett, deputy fund manager of Schroders Capital UK Real Estate Fund, added: "We are continuing to develop and refurbish our existing industrial assets across the UK as we look to cater for the growing demand for industrial space by identifying inherent opportunities to grow scale across our portfolio.
"The pre-let to DPD at Revolution Park de-risks the development of new industrial assets and we are delighted to have been granted planning consent to start so that we can start work on this modern state-of-the-art, sustainability-led unit."
Revolution Park is being jointly marketed by Gerald Eve LLP and Bulleys on behalf of Trebor and Schroders Capital. SBH acted on behalf of DPD.
Jon-Ryan Gill, partner at Gerald Eve, said: "This is another major step forward in the development of Revolution Park.
"We brought this site to market with the intention of it becoming a much needed and major logistics hub in Wolverhampton.
"I am certain that Trebor, Schroders and DPD will produce a best-in-class sustainable industrial asset."