- What Cole Waterhouse has secured planning consent for a logistics scheme in Staffordshire
- Why Working with funding partner Peveril Securities
- What next Site attracting interest for forward-funding deal
Cole Waterhouse and Peveril Securities have been given the green light for a 300,000 sq ft logistics unit in Newcastle-under-Lyme with the scheme already attracting interest from several funders.
Although Peveril Securities is looking to build out the scheme itself, Cole Waterhouse said there had been interest from “high profile funders” around a forward purchase of the site, located off the A34 and near the M6.
The 15.9-acre plot forms an extension to the established Lymedale Business Park and will be known as Novus Point. Consent has been granted for 298,000 sq ft of distribution space but the site is capable of accommodating up to 360,000 sq ft.
Metis has been appointed capital markets adviser for the scheme with Sixteen Real Estate as the letting agent. Cole Waterhouse said it would be looking to appoint a contractor imminently.
Paul Jones of Metis said: “Whilst the client’s intention is to develop the site themselves, the quality of the site has already attracted interest from a number of high-profile funders looking to forward purchase the scheme, showing that high quality industrial space remains a very sought-after product.”
Andy Backhouse, director at Sixteen Real Estate added: “With ASDA, New Look, Parcelforce, TK Maxx and Smyth’s Toys already based here, Lymedale Business Park is widely regarded as one of Staffordshire’s premier business locations, acting as a major pivotal hub between the north and the south of the UK.
“The industrial and logistics sector remains buoyant and this planning application means we are able to offer flexibility in terms of both size and configuration of units, to meet any change in occupier requirements.”
