Addingham-based Turner Developments is celebrating after successfully designing, building, selling and handing over five industrial buildings totalling 270,000 sq ft on a nine acre Keighley site.
The buildings at the former Magnet site in Royd Ings Avenue, now named Riverside Business Park, have all been sold to Aire Valley manufacturing companies. More than 200 people are currently employed at the business park, with another 30 jobs expected to be created there.
Practical completion has now been achieved which marks the point at which the main contractor has completed all works and hands over the buildings to their new owners.
Turner Developments bought the site, which had been disused for three years following the closure of the Magnet factory, in 2014. Riverside Business Park represents a further successful phase of Turner Developments’ plan to deliver high quality industrial property in the Aire Valley.
The developer previously created Aireside Business Park at the adjacent former Ponden Mill site. Like Riverside, it is fully occupied and employs about 200 people. The eight-acre site comprises seven units, totalling 200,000 sq ft.
The largest unit at Riverside, covering 90,000 sq ft, has been bought by J Stell & Sons Ltd, a cardboard tube manufacturer, which has expanded from its existing site elsewhere in Keighley.
Other premises have been taken by Keighley-based bathroom and kitchen equipment distributor Cavalier Marketing, which now occupies 60,000sq ft; Ilkley-headquartered engineers Spooner Industries, whose building extends to 48,000 sq ft; Bingley-based Dowsons Food Machinery; and Keighley-headquartered Advanced Couplings.
The developer worked with architect Bill Horsley of Horsley Townsend Architects to design the business parks and buildings. A team from Yorkshire law firm Gordons led by partner and head of commercial property, Paul Young, advised on the acquisition, development, sales and lettings at both sites.
The acquisition of the sites was undertaken by Mike Atkinson of Leeds-based land and property consultancy Atkinson Associates, which was selling agent for both, along with Ian Hayfield of Keighley’s Hayfield Robinson. Mark Watson of Leeds-based MAW Consulting provided Turner Developments with project management services on both business parks.
James Turner, managing director, Turner Developments, said: “The success of Aireside showed very strong demand for prime industrial property in the area, where the many attractions include great access to the Aire Valley trunk road.
“This gave us belief that we could speculatively develop the old Magnet site. Unprecedented interest in phase one allowed us to fast-track our plans at Riverside Business Park, and now we have reached the conclusion of what has been a hugely successful project for the Aire Valley.
“Everyone involved from Horsley Townsend Architects, Gordons, Atkinson Associates, Hayfield Robinson and MAW Consulting believed in our vision from the outset. Their ability to work together seamlessly, seize upon opportunities and overcome challenges played an important role our success.”
Turner Developments’ latest project in the Aire Valley is an eight acre site located at Dalton Lane, Keighley. Working in partnership with Bradford Council, the developer will deliver around 150,000 sq ft of new build industrial space. Turner Developments has retained the same agency, legal and design advisory team used on the Airedale and Riverside business parks for the project.
Gordons’ Paul Young said it was a pleasure to have worked with Turner Developments and the other advisors on both business parks to help revitalise sites where more than 400 people now work.
Speaking on behalf of the combined advisory team, he commented: “We’re all very proud to have helped Jim successfully deliver both business parks. Turner Developments spent a lot of money and took significant risks to create this much needed regeneration, which brings so many benefits to the local community. It’s wonderful to see their business acumen and faith in the Keighley area rewarded and we are delighted to have been retained by Jim to advise on the Dalton Lane scheme.”
Riverside Business Park’s five units were sold for a total of £10m, whilst the seven units at Aireside Business Park were sold for £7m. Turner Developments’ Dalton Lane scheme has a projected gross development value of £10m.
