Investment and development company Cole Waterhouse, working with funding partner Peveril Securities, has been granted outline planning for a new logistics / distribution scheme in Newcastle-under-Lyme.
Located off the A34 and in close proximity to the M6 motorway, the 15.9-acre employment site, which will be known as Novus Point, will form an extension to the well-established Lymedale Business Park.
Consent has been given for 298,000 sq ft, however the site is capable of accommodating up to 360,000 sq ft. The development will support over 130 full time employees during construction and approximately 500 full time roles once the site is in operation.
MHA Architects and Lichfields planning consultants have advised on the application. Metis Real Estate (Metis) has been appointed as capital markets’ adviser for the scheme with Sixteen Real Estate instructed as sole letting agent.
Speaking about the planning decision, George Smith, planning manager at Cole Waterhouse, commented: “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 continued: “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.”
Andy Backhouse, director at Sixteen Real Estate concluded: “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.”
