Work has started on site to deliver Novus Point, a 330,000ft2 logistics and warehouse unit at Lymedale Business Park in Newcastle-under-Lyme, Staffordshire.
Cole Waterhouse, in partnership with Peveril Securities is developing the unit speculatively, with funding from Aver Property, a joint venture between NFU Mutual and Ergo Real Estate.
Bowmer & Kirkland has been appointed to deliver the scheme and, following land remediation works and the demolition of previous structures on site, the steel frame has now been erected in the first stage of the swift delivery programme. Practical completion is likely to be the end of 2022.
The scheme has an anticipated development value of £34m and has been designed by MHA Architects. It is located off the A34 and close to the M6 motorway, the development will include 19,600ft2 of ancillary office accommodation and is targeting a BREEAM Very Good accreditation.
Speaking about the progress on site, Damian Flood, CEO at Cole Waterhouse, commented: “The Staffordshire gateway connects the north and south and is a well-established distribution location, we have already had a significant level of interest from the market, which is hungry for well-located, high-quality logistics space.”
Novus Point is projected to generate up to £37.3million GVA for the local economy. In addition to the creation of approximately 500 permanent jobs through operation, it is anticipated that around 144 construction and 169 supply chain jobs will be supported during the two-year build programme with total investment in the region of £19.9m.
Lichfields advised on planning. The project team also includes structural engineers Renaissance, planning and cost consultants Henry Riley and Novo Integration delivering M&E services.