The development will be created in the south-western corner of the location and will allow the global asset management business to develop the area as either one or two units.
John Osborn, director of real estate and fund manager at Aviva Investors, said: “The opportunity to bring forward the land as either one or two units provides us with the flexibility to continue developing the site in a way that best suits the market requirements.
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“With good transport links both north and south, the facility fits with our continued focus on prime trade and logistics assets as we look to deliver strong and sustainable returns to our investors.”
Swan Valley Business Park is a two million sq ft development, with occupiers including Carlsberg, Morrisons, Levi’s and the Royal Mail.
Aviva Investors was advised by Montagu Evans.
Peter Bovill, partner at Montagu Evans, added: “This decision will deliver significant additional capacity to one of the region’s most in-demand logistics locations.
“With consent currently being granted in outline, there remains a great deal of flexibility to respond to occupier requirements in terms of layout and amenities, with ample HGV, car and cycle parking already factored into the plans.”