Clowes Developments (UK) Limited have forward funded the latest letting on Castlewood Business Park, the 220,000 sq ft pre-let to Alloga (UK) Limited.

Castlewood is a prime industrial and logistics development park located close to Junction 28 of the M1 where other major occupiers include the Co-operative Group Limited, Parker Knoll, Meridian Lightweight Technologies, Midland Aerospace and Bombardier. This latest letting will take the park up to approximately 1,140,000 sq ft of built space.

Aberdeen Asset Management, on behalf of Tyne & Wear Pension Fund, have committed to purchase the asset for the sum of £18.21M.

The warehouse is pre-let to Alloga (UK) Limited for a 20 year lease, subject to a tenant’s option to break at year 15, at a rent of £4.95 per sq ft.

Clowes Developments (UK) Limited were represented by Kimmre and Aberdeen Asset Management were represented by Gerald Eve.