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A development site in West Yorkshire has been acquired for £7.07m for the construction of a ‘big box’ warehouse unit.
According to BDaily, the purchase of the 10.4-acre site at Interchange 26 in Cleckheaton from Opus North was completed by Industrial and warehouse developer Tungsten Properties, funded by British Airways Pension Trustees and advised by Savills.
Opus North are currently carrying out enabling works to provide a serviced plateaued site by the end of 2020.
Tungsten Properties aims to begin construction of ‘Super B’, a development of a 230,000 sq ft unit at the start of 2021, with completion expected by summer 2021, subject to reserved matters planning application approval. It is hoped that the development will create hundreds of jobs for the area upon completion.
Ian Dunckley, development director, Tungsten Properties, said: “Having acquired this site from Opus North, we are looking forward to speculatively developing another big box in Yorkshire to provide exceptional workspace and jobs.
“Working with Savills we have noticed an opportunity in West Yorkshire where there has been a long-standing shortage of high-quality industrial space and, combined with the strong level of demand from occupiers, we believe this asset will generate significant interest.”
Ryan Unsworth, development director at Opus North, added: “This transaction proves the strength of this location as one of the primary industrial locations in the North of England, and vindicates our decision to buy the site unconditionally in 2019.
“Working with Kirklees Council we will submit reserved matters applications for the remaining balance of our site and develop these units out for local occupiers.”
An associate in the national industrial and logistics team at Savills based in Leeds, Matthew Ewin said: “The need for well-specified industrial space in good locations across West Yorkshire continues to grow.
“The location of this asset, which is set close to already popular industrial parks with excellent motorway connectivity, makes this an extremely attractive investment opportunity. Since the outbreak of COVID-19, demand for ‘big box’ accommodation has continued at consistent levels across the region.
“Significant medium- and long-term requirements have been circulated on behalf of occupiers with good levels of activity from the online retail and food sector.
“Currently within West Yorkshire, there are no 200,000 sq ft to 300,000 sq ft units immediately available and, with strong activity for better quality units, Super B will provide some much-needed stock to the West Yorkshire market.”
The development is sited close to the intersection of the M62 TransPennine motorway and M606 Bradford link, the main arterial route between Yorkshire and Lancashire. It will be part of Interchange 26, Opus North’s branded manufacturing and logistics park, and it is preparing to start development of a 100,000 sq ft unit and a 50,000 sq ft unit on Phase 1 of the park.
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