The speculative development of 12 new logistics units across four strategic East Midlands locations have been give the go ahead after forward funding was agreed.

Hines and its joint venture investment partner, has committed to forward fund the speculative development of a combined 772,000 sq ft of high-quality logistics facilities at four business parks across the East Midlands, owned by Clowes Developments.

The 12 units will be developed to a high specification and are spread across four existing industrial and logistics locations in the Clowes portfolio; Dove Valley Park off the A50 at Foston in Derby, Birchwood Business Park at Alfreton, Castlewood at South Normanton and Fairham Business Park at Nottingham.

Greg Cooper, Managing Director and Head of Industrial & Logistics at Hines UK, said: “This was a particularly attractive opportunity given the paucity of new stock arriving on the market, which continues to see unprecedented tenant demand as the volume of transactions continue to soar, particularly for modern and fit-for-purpose units. We’re delighted to be working with Clowes who have an unparalleled track record for delivering first class industrial and logistics facilities.”

The Joint Venture has acquired the freehold of all the sites from the current owner, Clowes Developments, who will develop of all the facilities. Construction work will begin with immediate effect with units ready for occupation by Autumn 2022.