Developer completes £100m portfolio for NFU Mutual

Clowes Developments has completed a £100 million project to create warehouse and logistics units across the East Midlands.

The developer has built the six units for NFU Mutual’s property portfolio.
The units are split equally across three sites – Castlewood Business Park, at Sutton-in-Ashfield, East Midlands Distribution Centre, at Castle Donington and Centrix Park, at Corby.

Five of the units were constructed on a speculative basis with no end users secured, while one unit – plot A1 in Corby occupying 162,490 sq ft – was pre-let to Deichmann Shoes (UK).

The other five units occupy a combined floorspace of 838,586 sq ft. Three of the units have subsequently been sold while two remain available.

James Richards, director at Clowes Developments, said: “We are pleased to have completed this project with NFU Mutual and to have had the expertise of our professional team on board from the outset.

“Their ability to work well with key parties across all sites helped to ensure that the work was completed within the agreed timescales, which is essential for us.

“We are confident that the units will all soon find suitable occupiers and be an asset to the East Midlands economy for years to come.”

Jon Brice, property fund manager at NFU Mutual, said: “Following completion of the last unit within this project, I would like to thank the whole team involved in delivering these fantastic buildings.

“We are delighted with the quality of industrial units that have been developed by Clowes and I am sure these buildings will continue to be successful going forward.”

Heather Dixon, of Geldards, who acted on behalf of Clowes, said: “We are delighted to have been able to support our long-standing client Clowes on its largest and most important transaction to date.

“Finding the right funding partner and negotiating six development funding agreements and the associated construction contracts in the current market, with the major challenge of covid, Brexit and high demand for construction materials, was complex and demanding.

“It was particularly pleasing to be part of a delivery team that consisted of advisers solely from the East Midlands, it showed the strength in depth and expertise in the region.

“The partnership and understanding between Clowes’ internal team and the professional team was key to delivering this landmark transaction.”