Cedar House Investments Agrees Yet Another Sale at The Point

3rd April 2009

At a time when many developers are experiencing a market slow-down on the completion of deals, leading regional developer Cedar House Investments has announced another letting at The Point Office Village, its new high profile mixed use scheme, which is being developed on the site of the former Bombardier bogie and signalling works to the west of Pride Park.

The company has agreed the sale of a 4,000 sq ft office facility within the impressive 12 acre mixed used scheme with local IT products and services provider, PXtech Ltd. The move from the company’s existing premises in Derwent Business Park forms part of its on-going expansion plans.

PXtech provide IT products and services including EpoS, CCTV, data sharing and decision support systems, and specialise in providing full installation and IT support to local authorities, schools and other education settings, not to mention Quick Service Restaurant chains and other retail. The company currently oversees all the IT needs for more than 900 Subway Stores across Europe.

The Point is one of the biggest and most high profile developments ever seen on Pride Park. When complete, it will see the roll-out of an additional 300,000 sq ft of commercial accommodation. It is the first serviced office accommodation on Pride Park and home to the Ramada Encore Hotel.

80% of phase one of the office village scheme is now under offer or sold with only one unit now remains, which is available for sale or rent.

A planning application for the next phase of the scheme has been approved, with development set to commence later this year.

Commenting on their decision to relocate to The Point, Richard Dorf, managing director of PXtech, said:

"The Point’s unrivalled location in the city, coupled with the strength of Pride Park as a business destination, made The Point the ideal location for our new office.

"It is rare to find a site with such good road links and within such close proximity to both the railway station and the city centre," added Richard.

Chris Oakden, commercial director for Cedar House Investments added:

"The Point is one of the most significant development opportunities ever seen on Pride Park and is continuing to attract high profile occupiers despite the current economic conditions.

"Over the past ten years Cedar House Investments has developed more than 500,000 sq ft of commercial space on Pride Park, which stands us in good stead at a time when many developers are experiencing difficulties selling and letting property," added Chris.

Over the past three years Cedar House Investments has extended its development programme across the Midlands with a series of high profile schemes, which now total more than £75 million.

This includes high profile sites in Ashby, Rugby, Northampton, Corby, Tamworth and Stoke-on-Trent, along with the redevelopment of the 35 acre former Nestlé site in Ashbourne.

Agents for the scheme are Nick Hosking at Innes England on 01332 362244 and Russell Rigby at Rigby & Co on 01332 203377.



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