UK-based property development firm Cole Waterhouse working with funding partner Peveril Securities has received approval for a new logistics/distribution project in Newcastle-Under-Lyme, UK.
The 15.9-acre employment site, to be called Novus Point, is situated off the A34 and near the M6 motorway. The site forms an extension to the popular Lymedale Business Park.
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The proposed project is expected to use horizontal modern composite panelling systems, offering a sustainable and insulated workspace for the employees.
Furthermore, a new pedestrian and cycle pathway will be built, providing a new, more sustainable access to the business park.
Cole Waterhouse stated that the approval has been given for the 298,000ft² development, but the site can accommodate up to 360,000ft².
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The project will create more than 130 full-time construction jobs and nearly 500 full-time roles once the site is operational.
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By GlobalDataThe planning application for the development has advised by planning consultants MHA Architects and Lichfields.
Metis Real Estate (Metis) has been selected as capital markets’ adviser for the project with Sixteen Real Estate appointed as the sole letting agent.
Commenting on the planning decision, the firm’s in-house planning manager George Smith said: “Novus Point will bring significant benefits to the area, generating up to £37.3million GVA for the local economy.
“With planning now approved, we are working closely with our project team and will be appointing a contractor imminently.”
Paul Jones of Metis said: “We are pleased to be involved in this exciting logistics project with Cole Waterhouse and Peveril Securities.
“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.”
Sixteen Real Estate director Andy Backhouse said: “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.”
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The project will also include the construction of a new pedestrian and cycle pathway. (Credit: Cole Waterhouse)
