23/03/2009

Gordons advises on £2m commercial property deal in the Aire Valley

Leeds and Bradford law firm Gordons has advised Turner Commercial Developments on the purchase, development and sale of 10 business units in the Aire Valley, in a deal valued at over £2m.

The Ilkley-based development company acquired the site at Ryefield Court in Silsden just 18 months ago and all 10 units have already been sold. Occupiers include investors, stationery suppliers, printers, dental product suppliers and a local company specialising in the manufacture of carbon fibre monococques to Formula 1 racing teams.

Paul Young, partner in Gordons’ commercial property department, advised on all aspects of the deal.

Commenting on the deal, Paul said: “This site in the Aire Valley is ideally placed in terms of infrastructure and fills an acknowledged need for this type of business premises. So much so that we have also recently assisted Turner Commercial Development in the acquisition of the adjoining site for future similar development.

“This is a very positive deal in the midst of a slowing commercial property market.”

James Turner, managing director of Turner Commercial Developments, commented: “”For some years we have been aware of a pent-up demand from small and emerging businesses for purpose built space in this area.

“Modern businesses expect more than working out of a dark corner in a leaky old mill and these units offer brand new accommodation in a pleasant business park location, close to the dual carriageway and railway station. The sale of all 10 units so quickly vindicated our decision to develop and we are looking forward to moving on to phase two.”