A specialist investor in UK logistics sites has purchased the second phase of a £30 million mixed-use development in Nottingham.
Northwood Urban Logistics acquired the first phase of trade units last November at Teal Park, off the Colwick Loop Road in Netherfield, which has been jointly developed by Warwickshire-based AC Lloyd Commercial (ACL) and Nottingham-based Henry Davidson Developments (HDD), and is now fully occupied.
Toolstation, Screwfix, Howdens, Trent Valley Windows, Trent Vehicle Charging, Karcher UK and Paintwell occupy phase 1 of the 35,270 sq ft trade park.
The second phase, which consists of six trade units ranging from 2,357 sq ft to 4,359 sq ft, has been acquired by Northwood Urban Logistics from AC Lloyd Commercial and HDD.
This phase, totalling 21,241 sq ft, is located directly opposite the first phase with car-parking and an access road separating the two banks of trade units.
The third and final phase consists of six larger employment units which range from 9,590 sq ft up to 31,470 sq ft and is set for completion during early Q4 this year.
Mark Edwards, managing director at AC Lloyd Commercial, said demand was strong because there remained a lack of high-quality trade units in Nottingham.
“Teal Park has been a real success story for AC Lloyd Commercial and this latest announcement underlines our commitment to delivering a premium mixed-use site for businesses and the local community,” he said.
“Work is now underway on the third and final phase of creating Teal Park which we hope to complete this autumn.”
Iain Taylor, director at Northwood Urban Logistics, said: “Enquiries remain strong at Teal Park since the market for trade units of this size remains on the up particularly when you add in Nottingham’s excellent transport links with the rest of the UK.”