L’Oreal has signed for a new distribution warehouse, to be built next to a former Kodak factory at Nottingham’s Sherwood Park.
The 160,000 sq ft shed will be developed by Highbridge on around half the 22-acre site, which it has just purchased from Kodak for £16m.
The developer plans to refurbish the factory, which Kodak has been forced to close in response to the growth of digital technology.
Kodak will move out by the end of August.
Planning consent is already in place for the site redevelopment.
Sources said Highbridge had had to move quickly in order to benefit from the site’s enterprise zone status, which expires in November this year.
Around seven bidders tried to buy the site. “The price achieved of around £750,000 per acre is high for north Nottinghamshire,” said a source.
Highbridge has traditionally focused on enterprise zones, notably its 2.5m sq ft Cobalt Park in Newcastle-upon-Tyne.
It has previously developed offices and industrial space at Sherwood Park and its occupiers include Rolls-Royce, Prolog, Raleigh and Certas.
North Rae Sanders acted for Kodak; Cushman & Wakefield Healey & Baker represented Highbridge. None of the parties was available for comment.
References: EGi News 30/08/05
