Aver, a joint venture between NFU Mutual and Ergo Real Estate, has agreed to fund the development of 330,000 sq ft at Novus Point on a speculative basis. The agreement to fund 330,000 sq ft of logistics space at Novus Point in Newcastle-under-Lyme, Staffordshire will increase Aver’s logistics portfolio to
DEVELOPERS Peveril Securities and Sladen Estates, the team behind the landmark Unity Square scheme in Nottingham, have acquired a number of key buildings in the heart of the city’s Southside area. The sites, which include Albion House in Greyfriar Gate, and Hanson House and Midland Scooter Centre in Collin Street, are
Aver, a joint venture between NFU Mutual and Ergo Real Estate, has agreed to fund the development of 330,000 sq ft at Novus Point on a speculative basis. The agreement to fund 330,000 sq ft of logistics space at Novus Point in Newcastle-under-Lyme, Staffordshire will increase Aver’s logistics portfolio to 2.5 million square feet. Martin Jepson, Founding Partner at Ergo Real Estate commented: “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.” 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. 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. Located off the A34 and close to the M6 motorway, Novus Point forms an extension to the well-established Lymedale Business Park. The development will support over 130 full-time employees during construction and approximately 500 full-time roles once the site is in operation. Speaking about the agreement, Damian Flood, CEO at Cole Waterhouse, commented: “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 a 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, continued: “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 the marketing agent for the scheme. Burbage Realty represented Aver. Novus Point is projected to generate up to £37.3million GVA for the local economy. In addition to the creation of permanent jobs through the operation of the industrial units, it is anticipated that around 144 construction and 169 supply chain jobs will be supported during the two-year build programme with a total investment in the region of £19.9m. Building Design and Construction Magazine | The Home of Construction & Property News
DEVELOPERS Peveril Securities and Sladen Estates, the team behind the landmark Unity Square scheme in Nottingham, have acquired a number of key buildings in the heart of the city’s Southside area. The sites, which include Albion House in Greyfriar Gate, and Hanson House and Midland Scooter Centre in Collin Street, are set to play an important role in the ongoing redevelopment of this area. Once developed, the sites could accommodate some 300,000 sq ft of prime office space with an end value of £150m, bringing much-needed employment space into this part of the city centre. Managing director of Peveril Securities, Ralph Jones said: “We are delighted to complete this strategic purchase of these sites with Sladen Estates which, combined with our control of Ocean Nightclub, will allow us to play a major part in the redevelopment of this area, building upon our recent successes in Nottingham city centre with our 275,000 sq ft pre let at Unity Square to HMRC. “The sites are suitable for a range of uses and could include a mix of office and residential space that will be complementary to the neighbouring uses currently under development. Despite the current challenges facing the country, we have been encouraged by Nottingham’s resilience and believe the site is ideally placed to continue the growth the city had been experiencing prior to COVID-19.” Discussions are already underway with Nottingham City Council to determine a suitable use for the site, with consideration also given to any future plans for the redevelopment of intu Broadmarsh following its transfer to council control in recent weeks. Chief executive of Sladen Estates, Nick Sladen added: “Sladen and Peveril have an intimate knowledge of the local market and national development and contracting expertise so we jointly have the scale, expertise and resources to make the most of the opportunity that our latest purchase presents.” The announcement comes immediately after the partnership announced the acquisition of 34 acres of development land in Bicester, Oxfordshire to develop a £350m office park. For more information, please visit: www.sladenestates.co.uk
