The Co-operative Group has confirmed it has signed a prelet with Clowes Developments to take 477,100 sq ft at the 112-acre Castlewood business park in South Normaton, Derbyshire.
As revealed in Estates Gazette in April, the UK’s fifth-largest food retailer has signed up for a 20-year lease at an initial rental of £4.60 per sq ft. It is investing around £22m in the development of the new facility, which will employ around 900 people.
Clowes, which secured the deal in partnership with First Industrial, beat competition from ProLogis’ ProLogis Park in Eastwood, near Nottingham, and Goodman’s 100-acre Derby Commercial Park, for the requirement.
A planning application for the Co-op building has been submitted, with work due to start on site by the end of this year and the facility coming on stream in early 2013.
The project will be managed by First Industrial.
James Richards of Clowes Developments said: “This is an important milestone in the development of Castlewood Business Park, one which we believe will open the door to further significant inquiries.”
FHP advised Clowes.
lisa.pilkington@estatesgazette.com
