CASTLEWOOD WELCOMES MERIDIAN LIGHTWEIGHT TECHNOLOGIES

Industrial/Warehouse News

In a year when Castlewood has already seen the completion and hand over of a 500,000ft² unit to the Co-op and the letting of a 40,000ft² unit to local occupiers Midland Aerospace, this final deal of the year which has seen a 60,000ft² build to suit unit constructed for local occupiers Meridian Lightweight Technologies has now been completed and keys have been handed over. 

Delivered on time and on budget this is a significant deal which sees one of only a handful of design and build transactions in the region this year complete a highly successful year for the site which sits just off Junction 28 of the M1 at its intersection with the A38.

Whilst Clowes should be applauded for their ability to deliver product on time and on budget the key significance of this building is that it sees a local occupier relocate to the site and take on brand new bespoke space, constructed to their own ‘perfect’ specification after reaching the conclusion, as seems to be a likely scenario for many requirements currently in the market, that stock levels are poor and accommodation is limited.  To make a move worthwhile a design and build on Castlewood for any occupier around Junction 28 must be the ideal solution.

The deal was agreed by Tim Gilbertson of FHP acting on behalf of Clowes who continue to market the remaining 80 acres of the site and offer the ability for bespoke solutions to be provided for occupiers from as little as 20,000ft² upwards. 

Tim Gilbertson commented:

“In a year when the property market has struggled as a whole in line with the economy in general, this deal has been fantastic news for our clients, the occupier and indeed the market in general.

Whilst Castlewood has always set out to serve both the national and local markets, the deal with the Co-op has seen a new unit of nearly 500,000ft² constructed earlier in the year to prove our faith in our ability to attract national occupiers, in its own way this deal is equally significant.

In testing economic times to have the ability to attract a substantial local company who are confident enough in not only their own order book but also the quality of the site and premises to agree a 15 year lease is testament to the superb opportunity that we have here.

Over the last 12 months I have had any number of enquiries from occupiers around Junction 28 who have been stymied in their ability to locate the perfect building due to the lack of stock and calibre of space available.

Hopefully therefore Meridian are now setting the trend for the future and, given that from completing the contract to handover has taken less than 6 months there is no reason why even the most urgent of enquires cannot be accommodated on a design and build basis.

The site we have is superb, suiting industrial and warehouse occupiers alike with the key benefits of immediate access to the A38 and J28 of the M1 plus huge power supply available on site for any industrial or manufacturing use. 

Completion of this deal, the letting to Midland Aerospace and the occupation of the building by the Co-op will see the site’s profile and activity rise hugely and with other deals already in the offering, hopefully there will be further good news to report soon.  Good news for Castlewood certainly means good news for the local economy.”

James Richards, Development Surveyor in charge of the site from Clowes Developments commented:

“This is another tremendous deal for Castlewood in what has been a busy and hectic, but most importantly successful 2012.

We really hope that this design and build deal where a bespoke unit was constructed for a local occupier within 9 months of completion of legal documentation shows how speedily local occupiers can be housed in bespoke premises which suit their needs, with property delivered on time and on budget. 

We still have over 80 acres left at Castlewood and from the deals completed this year we very much hope that 2013 will prove to be equally successful as we certainly have the scope to provide occupiers with bespoke solutions.

Equally, given the sites superb location at the junction of the M1 at Junction 28 and the A38 these deals confirm again that this really is one of the regions prime locations and wiith negotiations ongoing on various other propositions at present we hope that 2013 will bring similar success to the year just gone.”

For full information on the Castlewood scheme or to discuss your potential requirement please contact Tim Gilbertson at FHP on 0115 9507577.