500 jobs to be created as funding deal struck for major logistics scheme
Aver, a joint venture between NFU Mutual and Ergo Real Estate, has agreed to fund the speculative development of a 330,000 sq ft warehouse that will create up to 500 jobs.
The scheme at Novus Point in Newcastle-under-Lyme is being built by investment and development company Cole Waterhouse, working in partnership with Peveril Securities.
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 development will support over 130 full time employees during construction and around 500 full time roles once the site is in operation.
The project team includes MHA Architects, Lichfields, Renaissance, Henry Riley and Novo.
Damian Flood, CEO at Cole Waterhouse, said: “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 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, added: “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 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 total investment in the region of £19.9m.
