The multimillion pound redevelopment of a disused 13 acre industrial site in Keighley, West Yorkshire has reached completion and secured five new commercial purchasers taking it to full occupation.
The scheme by Turner Developments has reached the milestone in less than twelve months demonstrating the strength of the Aire Valley as an industrial business location.
Riverside Business Park is the transformation of an ex-Magnet factory which lay empty for more than three years before being acquired by Turner Developments last year. Existing buildings comprising 360,000 sq. ft. were selectively demolished but Turner was able to retain the steel frame and deliver more practical space to meet current market demands.
Following a fast-tracked construction programme the scheme now comprises five self-contained units totaling 260,000 sq. ft. with 100,000 sq. ft. of yard space. All five units were sold well in advance of scheme completion, achieving £35 to £45 per sq. ft.
The largest unit of 90,000 sq. ft. has been sold to Stells Cardboard Tubes, a local manufacturer seeking to expand and upgrade its premises.
Cavalier Marketing has secured 60,000 sq. ft. to facilitate expansion in the area for its bathroom and kitchen equipment distribution business, and Spooner Industries of Ilkley has acquired 48,000 sq. ft. for a second site.
Dowsons Food Machinery is moving from its existing premises in Bingley because it was able to purchase its 30,000 sq. ft. unit for expansion, and Advanced Couplings has bought a 28,000 sq. ft. unit for a larger and more modern manufacturing facility.
James Turner, Managing Director at Turner Developments said, “We had previously acquired the former Ponden Mill site adjacent and created Aireside Business Park which is now fully occupied employing around 200 people. The success of that park gave us great confidence to speculatively develop the old Magnet site and we are pleased to add further regeneration to the area with a scheme that is fully functional on completion. We anticipated a three year project but unprecedented interest has allowed us to fast track our plans.”
Mike Atkinson of land and property consultancy Atkinson Associates, advising on the site, said, “The successful sale of all units at Riverside Business Park goes to demonstrate the strength of location with great access to the Aire Valley Trunk Road. Turner Developments was able to offer well located units at a good price for refurbished space and as a result we have seen a very successful venture bringing new vitality and employment to the area.”
Ian Hayfield of joint agents Hayfield Robinson adds, “Our client has recently bought a further 8 acre development site at Dalton Lane in Keighley for new build commercial development, demonstrating its commitment and belief in the Aire Valley market.”
Turner Developments is a focused Aire & Wharfe Valley developer established in 1997. In that time it has delivered close to 1,000,000 sq. ft. of industrial, office, retail and residential projects.