Major expansion begins at industrial estate
Work starts on site this week to deliver an additional 297,000 sq ft at a flagship industrial scheme.
Property developer HBD and Derbyshire County Council are extending Markham Vale.
Located at Junction 29A of the M1, Markham Vale is a joint venture between HBD and the county council. The site has the capacity to deliver more than 2.5 million sq ft., with over two million sq ft completed to date.
HBD will bring forward two speculative units of 221, 518 sq ft and 75,000 sq ft, which will complete the final plot at Markham Vale North.
The project is fully-funded by Aver Property Partnership Limited, a joint venture between Ergo and NFU Mutual in a deal worth about £25m.
The deal followed another successful 12 months for Markham Vale, with 176,500 sq ft of new business space completed, including MV55; a 55,000 sq ft warehouse built specifically to meet market demand.
Work on site began this week, with completion scheduled for quarter one 2021.
Anthony Clitheroe, director at HBD, said: “Both investors and occupiers are attracted by the high-quality build available at Markham Vale, combined with our proactive, partnership-led approach to development and proven track-record of delivering on time and to budget.
“We’re pleased to have been able to get started on site quickly, and look forward to extending the scheme further with these latest units.”
Martin Jepson, founding partner of Ergo Real Estate, said: “Well-located, high-quality industrial stock will perform well in both the short and long-term – particularly within landmark schemes like Markham Vale, which benefits from proven longevity and appeal.”
Derbyshire County Council cabinet member for clean growth and regeneration, councillor Tony King, said: “This investment in Markham Vale shows a great level of confidence in the Derbyshire economy and its potential for growth.
“As we continue our work to support local businesses to recover from the downturn brought about by the coronavirus pandemic, it’s important that we continue to provide new opportunities for investment, bringing the potential for new jobs and helping to keep the economy moving.
“This deal sends a strong signal to other investors that Derbyshire is a place that helps businesses to survive and thrive and I’m pleased that the construction contract has been awarded to a local business providing a further boost for the area and the local economy.”
Approximately 225,000 sq ft now remains at Markham Vale, which can accommodate flexible design and build options up to 40,000 sq ft.
