International Division Update
Updated: Jul 17, 2019
Nova’s commitment to helping clients understand variations in local markets can be seen in an uptick in overseas work by U.S. clients in the U.K., the Netherlands, and Australia.
We’ve recently undertaken assessment for a number of construction loans and redevelopment/refurbishment plans in these markets. Our focus in these projects is to understand the scope of refurbishment, how the plan fits into the local market, and what local costs will be, as well as to check that any required maintenance issues, such as roof replacement or energy efficiency improvements, have been included and to ensure that the work is priced, tendered, and managed in accordance with best practices.
One of Nova’s regular clients, Peel Logistics Property (Peel), has announced that it has acquired a prime 48-acre land site in Sheffield, U.K., with plans to develop a new flagship prime logistics park. As the property is a former stainless steel production site, Nova assisted Peel with the site acquisition, providing due diligence, site investigation, and remediation advice. The importance of this work was reiterated by Neil Dickinson, Peel Logistics COO, when he said, “This project is a great opportunity to deliver over 800,000 square feet of new logistics space by regenerating a dormant site and potentially creating thousands of new jobs in the region.” Nova is looking forward to working with Peel on the development phase of a project that it believes will have a massive positive impact on the locality.
Finally, we would like to thank DRC Capital for its hospitality at the recent sevens rugby event in London, and to wish the company a Happy 5th Birthday!