Innes England - Retail Development - Derby, Derbyshire

Date: 06 May 2008

Stockland Halladale has secured planning approval for an existing new retail warehousing development on the corner of London Road and Ascot Drive.

The company, established in 2007, acquired the 6 acre site, comprising a B&Q warehouse, 40,000 sq ft industrial unit let to Toyota, together with a number of smaller units back in 2007.

The proposed retail scheme will replace the four smaller units, providing new retail units from 5,000 upto to 23,000 sq ft with associated parking.

Stockland Halladale's portfolio under management is now approaching £1 billion and its development programme has an end value of over £500 million.

The Ascot Drive acquisition is the company's first move into Derby and is a further acknowledgement of the ever increasing number of national and international organisations recognising the potential of the City.

Nick Hosking, Director at Innes England's Derby office, who handled the acquisition and is dealing with the marketing of the new scheme alongside Edgerley Simpson Howe, said: "The City has a recognised shortage of retail warehousing space and the location of the site, at the junction of the A6 and Ascot Drive and only a few hundred yards from Pride Park, has already generated considerable early interest."

"We have the potential of accommodating requirements from as little as 5,000 sq ft upwards and notwithstanding the accessibility of the location, rents will be pitched at extremely competitive levels to significantly undercut the tone at the City's three other prime retail parks, which have in recent years experienced almost 100% occupancy levels," he concluded.

The scheme will be available from autumn 2008

Existing Derby retail warehousing development