Clowes Developments has completed building work on almost 270,000 sq ft of logistics space on the Fairham Business Park in Nottingham. The Derbyshire business completed the work on three units measuring between 66,000 and 102,000 sq ft for a joint venture between a global investment manager and global real estate investment and property manager Hines.
The JV acquired the site from Clowes in a forward funding transaction, with Clowes remaining as development manager alongside main contractor TanRo. New roads have also been built as part of the construction works and one tenant has already been lined up.
In total, the joint venture is working with Clowes to develop eight warehouse and light-industrial units totalling 1.15 million sq ft across the East Midlands.
In 2022, 195,000 sq ft of space was delivered by the JV at Dove Valley Park in South Derbyshire, while the other units are expected to be finished this year at Castlewood Business Park and East Midlands Distribution Centre.
Greg Cooper, managing director at Hines in the UK, said: “We continue to meet the needs of occupiers, delivering high-quality logistics space in a supply constrained market.
“Each of the three units at Fairham are high specification, with BREAAM ‘excellent’ certification achieved including EV charging infrastructure and the ability to support the installation of solar photovoltaic panels.
“We look forward to continuing our work with Clowes to deliver the remaining space at Castlewood Business Park and East Midlands Distribution Centre this year.”
Clowes Developments director James Richards said: “The practical completion of three units at Fairham Business Park marks a step forward in our commitment to deliver best-in-class warehousing across the East Midlands.
“Our lead contractors, TanRo, have delivered this significant development totalling 268,000 sq ft, to a tight schedule and have produced a set of quality industrial use facilities setting a high standard for this brand-new business hub.
“With one occupier already lined up to take over one of the units, we are looking forward to watching the business park flourish with activity in the months to come.
“Our most recent development, A1 at Fairham Business Park is also fast approaching completion with its intended occupiers finalising the legal documentation ready for moving in later this year.”
Clowes Developments is one of the UK’s biggest and strongest privately-owned property investment and development companies.
It recorded a turnover of £120 million in 2021-22 and holds more than 3,000 acres of land and 15,000 residential plots in 130 development sites across the country. It also has more than 50 office and business parks and several larger mixed-use sites.
