Warwickshire-based IM Properties has completed a major
acquisition of a 45 acre development site off the M1 in Eastwood,
Nottingham.
The site is located on the A610, providing quick access to
Junction 26 of the M1.
Kevin Ashfield, Development Manager at IM Properties, said the
Eastwood site had been purchased due to its prime location and the
fact that the site has an existing outline planning permission for
B1c, B2 and B8 uses.
"This is an important employment site for Nottingham and one of
the few development schemes close to the M1 that can take up to one
million sq ft of distribution space. There is growing demand for
larger design and build requirements due to the lack of available
space capable of offering larger buildings.
"This has been proven by Marks & Spencer recently taking
900,000 sq ft at East Midlands Distribution Centre (EMDC) in Castle
Donington and the Co-operative Group committing to a new 480,000 sq
ft warehouse in Derbyshire, just off Junction 28 of the M1.
"We are intending to implement works to provide the site
infrastructure to enable us to deliver a bespoke building within 12
months. IM Properties has a reputation for deliverability and we
fully intend to build on this with our acquisition of the site in
Eastwood".
The purchase of this 45 acre site at Eastwood is the first of a
number of acquisitions IM Properties is looking to make to expand
its portfolio of distribution sites. The property group has
£25 million to invest in distribution sites across the UK.
Agents FHP acted for the vendor BGL Landfill Ltd, whilst IM
Properties represented themselves.
Established in 1987, IM Properties is one of the UK's largest
privately owned property groups with close to £1bn of
property owned and under management within the UK, France, Germany
and USA, the company's land bank is in excess of 300 acres.
IM Properties is well known for its consistent deliverability
and performance. This deliverability is reinforced by the fact that
all investments and developments are financed from existing cash
resources.