Wednesday, May 29, 2024

Last plot at Castlewood Business Park achieves practical completion as Hines take ownership

Lead contractor, Roe Developments have achieved practical completion on the last remaining plot at Castlewood Business Park as part of the development funding deal between Clowes Developments and Hines.

Site owners, Clowes Developments instructed Roe Developments to build the 76,680 sq ft standalone unit as part of the 1.36 million sq ft portfolio with global real estate investment, development, and property manager, Hines.

The brand-new commercial unit was designed by IMA architects and comprises of a 72,386 sq ft single storey warehouse and 4,294 sq ft office and welfare space which is split over two floors and front of the building. The unit benefits from a large secure yard to the side with two level-access loading bays and eight docks.

There is a car park to the front of the building with five disabled bays and four EV charging stations. The roof is designed to carry photo voltaic panels subject to the occupier’s requirements. Additionally, this unit boasts floor to ceiling double glazing in the warehouse and 10% roof lights creating a brighter environment for warehouse workers.

In total, the partnership is developing eight state-of-the-art warehousing and light-industrial units covering a total of 126,347 square metres (1.36 million sq ft) across the East Midlands.

In 2022, the first of the units, a 195,000 sq ft warehouse was delivered at Dove Valley Park in South Derbyshire. In 2023, to date, a 342,000 sq ft unit has been delivered at East Midlands Distribution Centre and an additional three units totalling 268,000 sq ft have been handed over at Fairham Business Park.

With the latest completion at Castlewood, there remains only two plots at Dove Valley Park which are due to achieve practical completion early next year.

Greg Cooper, Managing Director at Hines in the UK, said: “The completion of Castlewood is another important milestone for our partnership with Clowes, with over 75% of the portfolio now successfully delivered.

“We are delighted to be developing best-in-class buildings that meet the needs of today’s occupiers, with Castlewood achieving BREEAM ‘excellent’ certification and including EV charging infrastructure and the ability to support the installation of solar photovoltaic (PV) panels.

“The quality of the offering at Castlewood is reflected in the strong interest we have received from several occupiers. We look forward to continuing our work with Clowes to deliver the remaining space at Dove Valley Park in early 2024.”

James Richards, development director at Clowes Developments (UK) Ltd, added: “Castlewood has been a brilliant site since we started development in 2010. Plot 10 is the last plot to be developed at this flagship site.

“With excellent transport links and direct access to the main arterial route through the Midlands, it’s no surprise that Castlewood has welcomed a number of nationally recognised names including Parker Knoll, Co-Op and Alloga but also provided a unique opportunity for local businesses to grow and expand such as CST, ConSpare, Charles Pugh and many more.

“We are extremely proud of this development, and we wish Hines all the best with their new unit.”

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