Following the latest deal on Castlewood Business Park, one of the East Midlands prime industrial and distribution centres at Junction 28 of the M1 at its intersection with the A38, which recently saw the letting of a speculatively built 72,000ft² warehouse, owners and developers of this scheme CWC Group have announced intentions to keep speculatively building on site in 2020.
The next phase of development on this scheme will see three units speculatively constructed offering self contained warehouse/industrial units of 11,625ft², 24,304ft² and 31,396ft².
These buildings will be ready for occupation by the end of this year.
Tim Gilbertson of FHP, who is agent for the scheme along with Savills commented:
“What a great start to 2020 this promises to be!
The area around Junction 28 of the M1 has been a hotspot in recent times not only for larger scale distribution and manufacturing units but also for the growth of smaller family owned business who have been frustrated over recent years with the lack of opportunities locally. Many of these companies have highly valued workforces which they need to retain and cannot therefore look to other areas where stock may be available and therefore we have seen substantial demand for speculative built units which can hopefully fill this void in the local market.
With three units being built this should be something for any expanding manufacturing or distribution company looking to purchase or rent space.
Indeed, we are already close to agreeing the first deal so hopefully potentially interested buyers or tenants will contact us as soon as possible. They could be in their new business home before the end of the year – what a great incentive!”
Development Director at CWC Group, James Richards commented:
“It has always been a great pleasure of mine that Castlewood has proved to be home to smaller companies as well as those occupying ‘mega sheds’. Yes our biggest occupier does operate from over 500,000ft² of space but equally we have sold buildings from as little as 20,000ft² upwards on site and we know that there is demand in this smaller end of the market.
The three units to be built which we are collectively calling ‘Castlewood Court’ should hopefully fill a gap in the market place and be well received, particularly now we seem to have some sort of political stability, hopefully enabling businesses and individuals to concentrate on the here and now rather than worry about what is happening in the wider political world.
Our agents would be delighted to discuss this scheme with any potential buyers or tenants and of course we still have the ability to create bespoke space on site on some the remaining plots from as little as 20,000ft² up to well over 200,000ft².”
Tim Gilbertson concluded by adding:
“This is a great start to the year at Castlewood and hopefully as James mentions, these units will go well but we still do have the ability to create bespoke space for occupiers to buy or rent as there is still plenty of land here for us to service the local market for years to come.”