Thesis
In disadvantaged neighbourhoods – where there are high levels of unemployment and low rates of economic activity – the physical condition of buildings tends to decline, with little incentive in the area for investment.
However, by developing unused (or under-used) sites into flexible workspaces and industrial units, we can support SMEs and large businesses, and subsequently, drive much-needed employment generation and economic growth within the local community. In many cases, there is also the opportunity to refurbish or rebuild to higher sustainability standards, benefitting the environment and the well-being of those working in the property.
Investment
Maskew Avenue was once used as a Parcelforce processing centre but had been disused for approximately 10 years. The 8.6-acre site lies within an area designated for General Employment Use in the Peterborough City Council Local Plan (adopted 2019), and there is a strong demand for pre-lets/pre-sales from drive-thru occupiers. Having acquired the site in October 2020, our plan is to develop a high-quality scheme in a flexible configuration to meet the needs of potential occupiers – while also working towards high environmental standards and community regeneration.
Outcomes
Our Maskew Avenue development aims to deliver employment space for up to 280 new jobs in an underserved location. To make sure the development has as little impact on the environment as possible, the industrial units are targeting BREEAM ‘Very Good’ and minimum EPC ratings of B – also expected to reduce utility costs for tenants.
