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Clugston Estates secures £22.5M deal
Scunthorpe based Clugston Estates, a division of the privately owned Clugston Group of companies, has secured a deal - in a joint venture with Wilton Developments - to develop a 422,000 sq ft distribution facility at Turbine Business Park, Sunderland. The joint venture company set up by the two companies, called Bamston Developments will develop the scheme for Vantec Europe who are investing £22.5 million in the new facility.
The contract represents the UK’s first and largest development to get underway from the latest round of Enterprise Zones and will be the largest pre-sale warehouse buildings to be built this century in the North East of England.
Detailed negotiations between Barmston Developments and Vantec Europe began at the start of the year and since then the deal has progressed with speed through the detailed design and specification, planning, tendering and deal stages.
The site, which is serviced and available for immediate development, has outline planning consent, all with Enterprise Zone status for up to 715,000 sq ft of employment space. The site measures 43 acres in total and outline planning consent accommodates warehouse/industrial, office, retail, a hotel and a pub.
Stephen Martin, Clugston Group’s chief executive commented: “This is clearly fantastic news for everyone concerned. The short timescale that was required to ensure that this project went ahead was a challenge; however our team has worked in tandem with Vantec to ensure that we meet the timescale required. on what will be the largest project Vantec Europe has ever undertaken."