Clowes Developments power ahead with NFU Mutual deal

Earlier in the year Clowes Developments announced the exchange of contracts on the Groups’ largest deal to date. The Derbyshire based property Group agreed a transaction to develop six logistics facilities throughout the UK with a landmark deal worth in the region of £100 million with UK insurance giant NFU Mutual.

Within a matter of months, the team at Clowes and its trusted consultants have secured a variation of planning consent from Ashfield District Council, subject to the resolution of conditions, for a 176,817sq ft industrial/warehouse facility on Plot 1 at Castlewood Business Park for NFU Mutual. Consent has also been granted for a second facility on Plot 8 which will see a 134,192sq ft unit constructed as part of the deal.

The 120-acre logistics hub at Junction 28 of the M1 has attracted a number of high-profile names and occupiers including Co-op Food, Alloga and the specialist furniture manufacturer Parker Knoll. The addition of these speculatively built units presents an exciting opportunity for local or national occupiers looking to upgrade and expand their business to the convenient and easily accessed M1 corridor.

Jon Brice, NFU Mutual added,

NFU Mutual are delighted to be working with Clowes Developments to bring through these developments.

This project forms a key part of NFU Mutual’s strategy and we are excited that planning permission has been achieved on Plot 1 & Plot 8 at Castlewood Business Park.

This marks a significant milestone in our ongoing story with Clowes Developments, and we can’t wait to watch development start on site to bring best in class space to the market.

James Richards, Director at Clowes Developments commented on the progress of the deal and its respective developments,

The 162,500sq ft purpose-built facility for Deichmann UK at Centrix Park in Corby is progressing at pace and it is refreshing to see steel frames in place. Having two more planning consents granted for Castlewood Business Park is a positive step and testament to the team at Clowes and our external Consultants continued hard work. We look forward to pushing on with the other facilities as soon as planning permissions allow.

Planning consent for the remaining facilities packaged into the deal with NFU Mutual is being sought with the relevant local authorities, to come through in due course.

Contractors, Winvic Construction are lined up to be onsite at Castlewood Business Park as soon as possible.