Work starts on 330,000 sq ft logistics scheme
Work has started on site to deliver a 330,000 sq ft logistics and warehouse unit in Staffordshire.
Cole Waterhouse, in partnership with Peveril Securities is developing the unit at Lymedale Business Park in Newcastle-under-Lyme with funding from Aver Property, a joint venture between NFU Mutual and Ergo Real Estate.
Outline planning consent was initially granted in July 2020 to speculatively develop the 15-acre light industrial building and the subsequent reserved matters application has now been approved by Newcastle-Under-Lyme Borough Council.
The scheme has an anticipated development value of £34m.
Bowmer & Kirkland has been appointed to deliver the scheme and practical completion is likely to be the end of 2022.
Designed by MHA Architects, the development will include 19,600 sq ft of ancillary office accommodation.
Damian Flood, CEO at Cole Waterhouse, said: “We’re pleased to have made a swift start following approval of the reserved matters application and look forward to bringing Novus Point forward as soon as possible. The Staffordshire gateway connects the north and south and is a well-established distribution location, with ASDA, New Look, Parcelforce and TK Maxx all based here and we have already had a significant level of interest from the market which is hungry for well-located, high-quality logistics space.”
Novus Point is projected to generate up to £37.3million GVA for the local economy. In addition to the creation of approximately 500 permanent jobs through operation, 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.
Lichfields advised on planning. The project team also includes structural engineers Renaissance, planning and cost consultants Henry Riley and Novo Integration delivering M&E services.