Co-op finalises £22m Castlewood move
Food retailer The Co-operative Group has completed a £22m industrial warehouse letting at Castlewood off the M1. The long-awaited deal is expected to create about 900 jobs.
East Midlands property consultancy FHP, which completed the deal on behalf of landlord Clowes Developments, said the letting was likely to be "the first of many" in the area.
The Co-operative Group has signed a pre-let for a 477,100 sq ft industrial warehouse at Castlewood.
It has taken a 20-year lease on the site and is investing £22m in its development. The Co-operative Group said the move would bring 900 jobs to the East Midlands, with at least 130 new positions being recruited for immediately.
The deal, which was announced in April this year, was secured by FHP's industrial partner John Proctor.
He said: "This is the culmination of a long-term effort to market this area as an ideal location for industrial and warehousing activities. Clowes’ decision to purchase the portfolio containing Castlewood has also proved astute, coming at a time when retailers are looking to consolidate regional operations on high-quality strategic sites."
The Co-operative Group’s move is part of the restructuring of its national food distribution network. Similar hubs are being created in Hampshire, Lancashire, County Durham and Scotland.
