The site is allocated within the Mansfield District Council Local Plan for residential and employment use, with homes already under delivery. This full application will see a range of new commercial space, including light industrial, storage and distribution, all set within attractive new woodland and green spaces.
The development is expected to create over 500 new jobs, including distribution, skilled and semi-skilled light industrial roles, along with training and apprenticeship opportunities throughout its construction.
The site lies midway between Sheffield and Nottingham and offers easy access onto the M1 motorway from J28 or J29, with direct access from the A617, the Mansfield and Ashfield Regeneration Route (MARR).
An extremely well-located site, the high-quality space is likely to appeal to regional, national and inward investing companies for distribution and last mile urban logistics.
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Subject to the granting of planning permission, development will commence early next year.
Lawrence Escott, investment manager from CEG, said: "We have worked on the Penniment Farm development for many years and new homes are already being delivered at the site. This significant speculative employment scheme will complement this, creating hundreds of jobs in the local area.
"CEG is actively regenerating two key Midlands employment sites at Vesuvius, Worksop and Vaughan Trading Estate in Tipton. Here we are developing more than a million sq ft of high quality space which, similar to Penniment Farm, is designed to appeal to inward investing companies, trade and industrial occupiers, as well as local businesses. Both have been incredibly successful generating new jobs and economic benefits."
Justin Sheldon, Director and Head of Region at HBD, said: "This is a fantastic opportunity to not only inject much-needed new industrial stock into the market, but to create hundreds of new jobs for the community while attracting inward investment and driving new opportunities for the wider region.
"There is significant demand for high-quality, well-located industrial and logistics units and we expect to see strong interest in the scheme. It is anticipated that the development will be brought forward on a speculative basis which reflects the demand for this type of space and our continued confidence in the region."
HBD is one of the UK's most active property developers. With seven offices across the UK, it focuses on three key sectors; industrial and logistics, residential and urban regeneration.
This latest scheme is one of several projects underway in the Midlands, including Phoenix 10 in Walsall, a landmark 44-acre regeneration site, Setl, a £32m residential scheme in Birmingham's Jewellery Quarter, and Power Park, which will see the transformation of Nottingham's former Imperial Tobacco Factory into a thriving new industrial and logistics location.
The agents on the scheme are M1, FHP and CPP.
