Hines completes three more warehouses in 1.15 million sq ft forward funding venture

Liza Helps, Property Editor, Logistics Matters

THE JOINT venture acquired the initial sites from Clowes Developments in 2021 and expanded the remit in 2022. According to reports at the time BentallGreenOak provided the acquisition and development financing packaging. Clowes Developments acts as development manager.

This site in Fairham Business Park in Nottingham, provides three warehouses ranging in size from 65,810 to 101,775 ft2 totalling 268,814 ft2 Nottinghamshire  is the latest to reach practical completion.

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.

In 2022, 195,000 ft2 of space was delivered by the joint venture at Dove Valley Park in South Derbyshire. The remaining units under development, are located at Castlewood Business Park and East Midlands Distribution Centre, and are anticipated to complete during the course of 2023.

Greg Cooper, Managing Director at Hines in the UK, said: “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.

James Richards, director at Clowes Developments, added: “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.”

Joint letting agents are Savills, Carter Jonas and FHP.