MIDLAND AEROSPACE LAND AT CASTLEWOOD!

Industrial/Warehouse News

In what is proving to be a highly successful year for Clowes Developments Castlewood scheme, just off J28 of the M1 Motorway, the details are emerging of the latest transaction concluded.

With the site seeing the ongoing construction of a 500,000ft² distribution facility for the Co-op and construction also rattling on for a 60,000ft² bespoke unit currently being constructed for Meridian Lightweight Technologies, Clowes Developments are pleased to announce a further new and indeed significant occupier to the scheme.

Their agent, Tim Gilbertson of FHP has concluded a letting of 40,000ft² of prime production space to local company, Midland Aerospace who will shortly take occupation of what will become a world class engineering facility.  Heather Dixon, Partner and commercial property solicitor from Flint Bishop LLP, negotiated the agreement for lease and the lease. Russell Deards, Flint Bishop, Head of Construction dealt with construction agreements required. 

This deal should again prove to be of huge significance given that once more, as was the case with the Meridian Lightweight Technologies letting, this deal sees another local company who have faith in their performance and a burgeoning order book expand and relocate to prime new build space, displaying commendable confidence in their business, this site and the economy as a whole.

Midland Aerospace’s relocation will provide them with not only a first class facility but also room to grow for the future and provides Clowes Developments with a further boost for this prime site just off Junction 28 of the M1 were still there is capacity to construct units from 20,000ft² up to 250,000ft².

Tim Gilbertson of FHP who negotiated the transaction on behalf of Clowes, commented:

“Whilst a 500,000ft² disposal to the Co-op is a great deal, personally I take more satisfaction from the letting of 40,000ft² to Midland Aerospace and the previous design and build deal for 60,000ft² to Meridian Lightweight Technologies as these transactions show local companies expending and relocating, bucking the general doom and gloom in the economy as a whole and making real progress for the benefit of both themselves and the local population. 

Castlewood has always targeted these occupiers as Junction 28 of the M1 and the surrounding towns has previously been a strong manufacturing and distribution base and we always hoped that Castlewood would over time fill the gap in the marketplace for prime space for companies such as these who are seeking to expand and relocate whilst crucially retaining their skilled workforce. 

Our latest deal with Midland Aerospace confirms this belief and with ongoing discussions on a further 25,000ft² unit and 40,000ft² design and build deal it does seem as if the local market around Junction 28 is doing all it can to buck the trend of economic uncertainty throughout the Country.  Hopefully we will be announcing further new deals shortly.

Rest assured though with many acres left we have the ability to accommodate any occupier, local, regional or national on a purchase or rental basis from as little as 20,000ft² up to approximately 250,000ft².

We do see though the relocation of two local companies to the site as a real sign of confidence and hopefully a shot in the arm for the local economy too.”

Heather Dixon, Partner and commercial property solicitor at Derby-based Flint Bishop LLP says:

“This is yet another deal where FHP and Flint Bishop have worked together to deliver a project for Clowes Developments as part of the Castlewood scheme.  The continuing demand for premises at Castlewood is not only down to its Midlands location, just off of Junction 28 of the M1 which offers great access to all parts of the country, but Clowes reputation to deliver a tailored solution. 

As a specialist engineering supplier to the aerospace industry, Midlands Aerospace’s move to Castlewood from Calladine Park in Sutton-in-Ashfield ensures its expertise stays in the region. Not only is this important for local jobs as the company continues to expand, but it also supports other firms within the supply chain.”

James Richards of Clowes Developments commented:

“The deals that FHP have secured for us on Castlewood are significant in terms of both creating momentum for the site but also raising its profile locally and indeed nationally.

Whilst we were delighted to secure the Co-op for their national distribution facility with the building due to be handed over any day, Castlewood’s local profile has been raised hugely by both the bespoke unit of 60,000ft² being constructed for Meridian Lightweight Technologies who should be moving in towards the end of the year and also by the letting of 40,000ft² to Midland Aerospace. 

These two smaller deals are the ‘meat and drink’ for this site and whilst 500,000ft² lettings are always welcome they tend not to come around too often! 

The quality of location we have available here though has secured the Co-op and we hope that there may be other national and international occupiers following shortly. 

In the interim though, we very much see Castlewood filling a gap in the market locally for companies seeking anything from 30,000ft² upwards who are being frustrated in their attempts to move by the lack of good quality stock available.

With the ability to conclude design and build construction of units of this size within a matter of months from completion of terms, our rapid build, and ability to deliver product on time that has been proved by the Co-op development, stands us in good stead going forward and with ongoing discussions on various options with local and indeed national occupiers we trust FHP will be bringing us more new occupiers to the site in the very near future.”

Midland Aerospace are the market leading partners of aerospace suppliers from major aircraft manufacturers through to small maintenance operations.  Their skill and knowledge, based on an exceptional workforce, has attracted clients from around the world and the move to a world class engineering facility can only further enhance their reputation and performance. 

Managing Director at Midland Aerospace, Eamon Lyons commented:

“We are delighted to have secured the facility at Castlewood, which will enable the business to meet the expectations and needs of our customers.  The new factory and offices will provide a unique opportunity to establish a world class manufacturing operation here in the East Midlands.  The new facility will provide the business with the opportunity to create additional capacity and therefore establish Midland Aerospace as a key player in the aerospace market.”