772,000 sq ft of speculative development for Derbyshire business parks

International real estate firm Hines, with its joint venture investment partner, is to forward fund speculative development at four East Midlands business parks owned by Clowes Developments.

The 772,000 sq ft of logistics facilities (12 units) are spread across four existing industrial and logistics locations in the Clowes portfolio; Dove Valley Park off the A50 at Foston;, Birchwood Business Park at Alfreton; Castlewood at South Normanton; and Fairham Business Park in Nottingham.

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The JV has acquired the freehold of all the sites from Clowes Developments, which will develop of all the facilities. Construction work will begin with immediate effect with units ready for occupation by the end of 2022.

Greg Cooper, managing director and head of industrial and logistics at Hines UK said: “This was a particularly attractive opportunity given the scarcity of new stock arriving on the market, which continues to see unprecedented tenant demand as the volume of transactions continue to soar, particularly for modern and fit-for-purpose units. We’re delighted to be working with Clowes who have an unparalleled track record for delivering first class industrial and logistics facilities.”

James Richards, director at Clowes Developments said: “This deal marks another significant transaction in what is set to be a record-breaking year for the group. We are delighted to work with Hines to deliver much needed quality logistics facility stock across the East Midlands.

“We have said it before, and we will continue to acknowledge that the success of a deal is down to teamwork. Our in-house teams at Clowes and reliable external team including legal representatives Heather Dixon and Chris Hawrylak at Geldards, David Postins our employer’s agent and architect, Ben Hall at IMA Architects have played a vital role in getting this deal over the line.”

Commenting on the deal, Heather Dixon said: “We are thrilled to have advised Clowes on another record-breaking deal, in what has been a phenomenal year for them. This new logistics development will have a very positive impact on business growth in our region. We work closely with the Clowes team who we have come to know very well and are pleased this deal was concluded successfully”.