Hines, a global real estate investment, development, and property manager, in a joint venture with a global investment manager, have delivered three modern industrial units at Fairham Business Park in Nottingham, spanning a total of 268,814 sq ft, ranging in size from 65,810 to 101,775 sq ft.
The joint venture acquired the site from Clowes Developments in a forward funding transaction. Clowes Developments acts as development manager.
In total, the joint venture in conjunction with Clowes Developments is developing eight state-of-the-art warehousing and light-industrial units covering a total of 1.15 million sq ft across the East Midlands.
Clowes, working alongside main contractor TanRo, reached practical completion of the first three units, B1, 2 and 3 at Fairham marking delivery of prime logistics space at the brand-new development.
Furthermore, significant infrastructure works have also been completed including a brand-new signalled access road into Fairham and existing road improvements from Mill Hill Island to Clifton South Park and Ride.
In 2022, 195,000 sq ft of space was delivered by the joint venture at Dove Valley Park in South Derbyshire. The remaining units under development, located at Castlewood Business Park and East Midlands Distribution Centre, are anticipated to complete during the course of 2023.
Greg Cooper, Managing Director at Hines in the UK, said: “We continue to meet the needs of occupiers, delivering high-quality logistics space in a supply constrained market.
“Each of the three units at Fairham are high specification, with BREAAM ‘excellent’ certification achieved including EV charging infrastructure and the ability to support the installation of solar photovoltaic (PV) panels.
“We look forward to continuing our work with Clowes to deliver the remaining space at Castlewood Business Park and East Midlands Distribution Centre this year.”
James Richards, director at Clowes Developments, added: “The practical completion of three units at Fairham Business Park marks a step forward in our commitment to deliver best-in-class warehousing across the East Midlands.
“Our lead contractors, TanRo, have delivered this significant development totalling 268,000 square feet, to a tight schedule and have produced a set of quality industrial use facilities setting a high standard for this brand-new business hub.
“With one occupier already lined up to take over one of the units, we are looking forward to watching the business park flourish with activity in the months to come. Our most recent development, A1 at Fairham Business Park is also fast approaching completion with its intended occupiers finalising the legal documentation ready for moving in later this year.”
