Clowes Developments completes £100M portfolio for NFU Mutual

Following practical completion of the final plot at the end of October 2022, the six units split equally across three sites at Centrix Park, Corby, Castlewood Business Park, J28, M1 and East Midlands Distribution Centre in Castle Donnington – benefitting from B2 and B8 use – have become part of NFUM’s property portfolio.

Five of the units were constructed on a speculative basis with no end users secured, while one unit – plot A1 in Corby occupying 162,490ft² – was pre-let to Deichmann Shoes (UK). The other five units occupy a combined floorspace of 838,586ft². Three of the units have subsequently been sold whilst two remain available on an all enquires basis.

[Deichmann UK – Centrix Business Park, Corby]

Involved from the outset, Clowes had a team of experts to assist them in the delivery of deal. IMA architects acted as Planning Consultants as well as Architects, helping to finetune the project and liaising with both Clowes Developments and NFUM throughout.

[EMDC280, EMDC, Castle Donington]

Speaking on the project, Ben Hall, Director at IMA Architects, said,

Our professional relationship with Clowes is longstanding and we have successfully delivered over 60 projects since 2009, with more confirmed in 2023. On this particular project, we were the only Architects on site and as the demand for commercial rental units grow, so does the development potential – so we look forward to being part of future schemes. We look forward to working with Clowes on upcoming projects, and we are proud to have them as a returning client.

Award winning law firm, Geldards, acted on behalf of Clowes Developments, Heather Dixon added,

We are delighted to have been able to support our long-standing client Clowes on its largest and most important transaction to date. Finding the right funding partner and negotiating six development funding agreements and the associated construction contracts in the current market, with the major challenge of Covid, Brexit and high demand for construction materials, was complex and demanding.

It was particularly pleasing to be part of a delivery team that consisted of advisers solely from the East Midlands, it showed the strength in depth and expertise in the region. The partnership and understanding between Clowes’ internal team and the professional team was key to delivering this landmark transaction.

Clowes Developments instructed construction contractor Winvic to build all six facilities with employers’ agent, Postins Project Services ensuring both client and developer are aligned throughout the term of the project. Rammsanderson, leading ecology experts advised Clowes at each site with additional guidance required at Centrix Business Park where a 4-acre reserve was created to protect the rare Great Crested Newt, a natural habitant at the former steel works site.

Jon Brice, Property Fund Manager at NFU Mutual said

Following completion of the last unit within this project, I would like to thank the whole team involved in delivering these fantastic buildings. We are delighted with the quality of industrial units that have been developed by Clowes and I am sure these buildings will continue to be successful going forward.

James Richards, Director at Clowes Developments, said:

We are pleased to have completed this project with NFUM and to have had the expertise of our professional team on board from the outset. Their ability to work well with key parties across all sites helped to ensure that the work was completed within the agreed timescales which is essential for us. We are confident that the units will all soon find suitable occupiers and be an asset to the local east midlands economy for years to come.

Since completing the £100m deal with NFUM, Clowes Developments and their team of expert advisors have been working on another landmark deal with international real estate investment group, Hines, to develop 1.15m sq ft of logistic space across the East Midlands.