An expanding property company has joined forces with a retail development specialist to buy a £30 million mixed-use site in Nottingham which is attracting interest from businesses across the UK.
Warwick-based AC Lloyd in conjunction with Henry Davidson Developments (HDD) has contracted to purchase a 20-acre site at Teal Park.
The site, located off the Colwick Loop Road in Netherfield, has outline planning consent and detailed plans are now being finalised to submit a reserved matters application to Gedling Borough Council this summer for a pub/restaurant, care home, food store, drive-thru outlet and children’s nursery as well as a 50,000 sq ft trade park for up to 12 units and 145,000 sq ft of employment units across six premises.
HDD will be responsible for delivering the project on behalf of AC Lloyd and finalising completion of infrastructure with the vendor, Midlands Land Portfolio – a subsidiary of Severn Trent.
The scheme will be delivered on a phased basis over the next three years with work expected to start in autumn this year should full planning permission be given.
Mark Edwards, Managing Director of AC Lloyd Commercial, said this was the first site the business has been involved in in the East Midlands.
He said: “The commercial division of AC Lloyd is growing all the time and this site is a perfect opportunity to introduce ourselves to Nottingham and the wider East Midlands to showcase the type of work we can deliver.
“This is a really exciting venture which has plenty of potential and we have already attracted interest from regional and national brands to occupy space in the trade and employment sections of the site.
“Teal Park is part of a wider development involving Persimmon Homes providing 830 homes, sports pitches, an ecology park and a primary school so the facilities we would like to provide will really complement their scheme.
“A deal has already been completed with national residential care home developer LNT Care Developments which underlines the need for this kind of facility in this area of Nottingham.
“We are set to provide a range of units which would be ideal for light industrial businesses and we are looking forward to working with Henry Davidson Developments for the first time on this development.”
Scott Davidson, managing director of Nottingham and Birmingham based HDD, said: “I am delighted on behalf of the HDD team to have secured AC Lloyd as funder and development partner, the HDD team has worked hard to deliver this opportunity and the level of occupier interest is very exciting.
“The project is key to Gedling Borough Council and HDD is proud to be involved in delivering this significant employment generating opportunity.”