Work to start on four new warehouse units for Sunderland's Turbine Business Park near Nissan
Work is set to start this month on four new warehouse units close to Sunderland’s Nissan plant.
Wilton Developments has completed a commitment deal with Copley Point Capital to develop a 168,000 sq ft, four unit industrial and warehouse scheme on the Turbine Business Park in Sunderland.
Copley Point has paid part of the price upfront and will settle the balance when Wilton completes the project.
Wilton has already secured planning permission from Sunderland City Council to develop four high specification warehouse units, ranging in size from 20,000 sq ft to 68,250 sq ft at the 8.6-acre site and has now appointed Stainforth Construction to deliver the units.
Work will start at the end of November, with completion scheduled for September 2022. Wilton will retain 3.5 acres on the site and will be applying for planning permission to build a further 45,000 sq ft of small industrial/warehouse units.
The Industrial Agency teams at agents HTA Real Estate and Avison Young have been appointed to market the new four units to potential occupiers.
Nissan recently announced a £1billion investment to produce a new generation of electric cars at its Sunderland factory, as well as creating a new Gigafactory to produce the batteries to power the vehicles.
Wilton Developments managing director Jason Stowe said: “We have always recognised the strength of Turbine Business Park’s location in terms of connectivity and news of Nissan’s significant investment in the car factory has enhanced the profile of the location both nationally and internationally.
"Our forward funding commitment with Copley Point Capital has enabled us to ramp up development, with construction work starting on 29 November 2021.”
Nimit Oberoi, Head of Real Estate at Copley Point Capital, said the new units would help to plug a gap in the market: “We are pleased to bring these high-quality distribution warehouse units to the market and address the demand supply gap for Grade A stock in the region.
"We are actively funding new logistics developments across the UK with quality partners such as Wilton and currently on track to aggregate a portfolio in excess of £500million over the coming months.”