More than half a dozen investors are looking to forward fund a logistics scheme that has just won planning permission in Staffordshire.
Novus Point is the name of the scheme on the former speedway track in Newcastle-under-Lyme, which is being promoted by investment and development company Cole Waterhouse, working with funding partner Peveril Securities.
Logistics Manager reported the £16.8 million redevelopment of the former Loomer Road Speedway Stadium on land west of Pit Head Close, next to Lymedale Business Park, last week.
Consent has been given for 298,000 sq ft, however the site is capable of accommodating up to 360,000 sq ft. The development could take the form of one single building or a collection of two or more smaller warehouse buildings, and would include space for parking and yard areas and access for deliveries etc.
Located off the A34 and in close proximity to the M6, the 15.9-acre employment site, will form an extension to the well-established Lymedale Business Park.
MHA Architects and Lichfields planning consultants have advised on the application. Metis Real Estate (Metis) has been appointed as capital markets’ adviser for the scheme with Sixteen Real Estate instructed as sole letting agent.
Paul Jones, co-founder and director of Metis, said: “While the client’s intention is to develop the site themselves, the quality of the site has already attracted interest from a number of high-profile funders looking to forward purchase the scheme, showing that high quality industrial space remains a very sought-after product.”