A joint venture partnership has agreed to fund the speculative development of 330,000 sq ft of logistics space in Staffordshire. The project is expected to create hundreds of jobs.
Aver, a partnership between NFU Mutual and Ergo Real Estate, will fund the development at Novus Point in Newcastle-under-Lyme for investment and development company Cole Waterhouse, working in partnership with Peveril Securities. This will take Aver's portfolio of logistics space to 2.5 million sq ft in a period of three years.
Outline planning consent was granted unanimously in July 2020 for the development of a 15-acre light industrial scheme and a reserved matters application has now been submitted for the single build facility.
The development will support more than 130 full-time employees during construction and approximately 500 full-time roles once the site is in operation.
Martin Jepson, founding partner at Ergo Real Estate, said: "We are delighted to be working with investment and development company Cole Waterhouse and Peveril Securities on what promises to be an impressive scheme which adds another strategic development to our growing logistics platform."
Once a decision is made on the application, work is scheduled to start on site in April with practical completion due for December 2022.
The project team includes MHA Architects, Lichfields, Renaissance, Henry Riley and Novo.
Damian Flood, chief executive at Cole Waterhouse, said: "There is a strong appetite from institutional funds looking to invest in potentially high-yielding, long-term income producing assets, offering a secure return for their investors.
"Staffordshire acts as gateway between the north and south and, as such, is already an established distribution location with ASDA, New Look, Parcelforce and TK Maxx all based here. These factors made the decision to build speculatively relatively straightforward."
Ralph Jones, managing director at Peveril Securities, added: "This is a significant step forward in the development of Novus Point, made possible by the collaborative way in which all stakeholders have worked together.
"Securing Aver as a funding partner further strengthens our ability to deliver the scheme and, subject to a positive planning outcome, we look forward to building out this new facility next year."
Metis Real Estate advised Cole Waterhouse and Peveril Securities on the funding deal, with Sixteen Real Estate acting as marketing agent for the scheme. Burbage Realty represented Aver.
Orginial article from Insider Media