Speculative development is returning to a Nottinghamshire town after a local developer has been granted planning permission to build 11 more starter units for growing businesses – advised by commercial property specialists from NG Chartered Surveyors.
Maplebeck Holdings, owner of the Moorgreen Industrial Estate in Eastwood, are once again venturing into the speculative development market.
Maplebeck has a history of tackling challenging markets, and this new development – known as Ash Court – will be the latest addition an estate which now totals an impressive 320,000sq ft.
The company has an enviable track record in development in Eastwood, which started with the re-development of Chestnut House in 1998 quickly followed by Oak House in 1999, followed by the 37,000 sq ft Plane Unit in 2007 and the 45,000 sq ft Cut Shack in 2014.
In addition to this the flagship Birch Park units (4×10,000 sq ft) were built speculatively in 2006 with Maplebeck re-entering the market in 2010 – at the height of the economic downturn – when it bucked the trend to build nine 1,000 sq ft starter units now known as Sycamore House.
Now, Maplebeck Holdings, which invests as part of a regional private pension fund, is redeveloping the oldest part of the estate known as Ash Court to provide 13,750 sq ft of starter units in individual sizes of 1,000, 1,250 and 1,500sq ft.
Richard Sutton, Director at NG Chartered Surveyors, has advised Maplebeck for almost 20 years and has been integral in refining the design to complement the existing units at Moorgreen as well as to cater for pent-up local demand.
He said: “The last recession stopped speculative development in its tracks, and so with the economy now on the move again it’s imperative that businesses have space to grow into.
“Maplebeck Holdings have proven before that, by being brave, speculative development can and does reap rewards. We’re absolutely delighted to be able to market their latest project and would urge any growing companies looking for high-spec starter units to get in touch with us as soon as possible, as interest is already high.”
Simon Bingham of Maplebeck Holdings added: “We’re very excited to be expanding our portfolio in Eastwood once again so it is with a great deal of confidence that we’ve kicked off the development of Ash Court, which we hope will provide many job opportunities for Eastwood.”
Ash Court is scheduled for completion in early Q3 2016.
