Joint venture to fund speculative Staffordshire shed

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Aver, a joint venture between NFU Mutual and Ergo Real Estate, has agreed to fund Cole Waterhouse and Peveril Securities’ 330,000ft2 Novus Point development in Newcastle-under-Lyme, Staffordshire.

Outline planning for the warehouse to be built on the 15-acre former Stoke Speedway site at Lymedale Business Park, was granted in July 2020.

Construction could start this spring with practical completion before the end of the year.

The development will support more than 130 full-time employees during construction and approximately 500 full-time roles once the site is in operation.

“There is a strong appetite from institutional funds looking to invest in potentially high-yielding, long-term income producing assets, offering a secure return for their investors,” said Damian Flood, chief executive of Cole Waterhouse.

Burbage Realty advised Aver. Metis Real Estate advised Cole Waterhouse and Peveril Securities on funding deal, with Sixteen Real Estate is sole letting agent.

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