Property developer HBD and Derbyshire County Council are extending their flagship industrial scheme, Markham Vale, with work starting on site this week to deliver an additional 297,000 sq. ft.
Located at Junction 29A of the M1 in Derbyshire, Markham Vale is a joint venture between HBD and Derbyshire County Council. The site has the capacity to deliver over 2.5m sq. ft., with over 2m sq. ft. completed to date.
HBD will bring forward two speculative units of 221, 518 sq. ft. and 75,000 sq. ft., which will complete the final plot at Markham Vale North.
The scheme is fully-funded by Aver Property Partnership Limited, a JV between Ergo and NFU Mutual in a circa £25m deal.
The deal followed another successful 12 months for Markham Vale, with 176,500 sq. ft. of new business space completed, including MV55; a 55, 000 sq. ft. warehouse built specifically to meet market demand.
Work on site started this week, with completion scheduled for Q1 2021.
Anthony Clitheroe, Director at HBD, said: “Both investors and occupiers are attracted by the high-quality build available at Markham Vale, combined with our proactive, partnership-led approach to development and proven track-record of delivering on time and to budget. We’re pleased to have been able to get started on site quickly, and look forward to extending the scheme further with these latest units.”
Martin Jepson, Founding Partner of Ergo Real Estate, said: “Well-located, high-quality industrial stock will perform well in both the short and long-term – particularly within landmark schemes like Markham Vale, which benefits from proven longevity and appeal.”
Derbyshire County Council Cabinet Member for Clean Growth and Regeneration Councillor Tony King said: “This investment in Markham Vale shows a great level of confidence in the Derbyshire economy and its potential for growth.
“As we continue our work to support local businesses to recover from the downturn brought about by the coronavirus pandemic, it’s important that we continue to provide new opportunities for investment, bringing the potential for new jobs and helping to keep the economy moving. This deal sends a strong signal to other investors that Derbyshire is a place that helps businesses to survive and thrive and I’m pleased that the construction contract has been awarded to a local business providing a further boost for the area and the local economy.”
Circa 225,000 sq. ft. now remains at Markham Vale, which can accommodate flexible design and build options up to 40,000 sq. ft.
HBD’s speculative build, MV55, a 55,000 sq. ft. warehouse, is now complete and available to let.