18/11/2011

Yorkshire law firm Gordons advises on multi-million pound industrial property investment in Keighley

Yorkshire law firm Gordons has advised Ilkley-based Turner Commercial Developments on what is believed to be the Aire Valley’s largest industrial property deal of the last five years.

Gordons commercial property partner Paul Young led the team which worked on the purchase of the former headquarters of national home furnishings retailer Ponden Mill in Royd Ings Avenue, Keighley, for an undisclosed, multi-million pound sum.

The eight acre site has been unoccupied for the last four years having been closed following Ponden Mill’s purchase by retail recovery specialist Hilco and hedge fund Agilo in November 2007. Mike Atkinson of Leeds-based land and property consultancy Atkinson Associates acquired the site for Turner Commercial Developments and is now its selling agent.

Turner Commercial Developments is currently progressing towards restoring the site’s status as a business location. This includes converting an 180,000 sq ft building – which the company is looking to split into up to seven smaller units, ranging from 10,000 to 40,000 sq ft – that will be rebranded Aireside Business Park.

A 37,500 sq ft unit in the building has already been sold by Turner Commercial Developments to hydraulic system and pump manufacturer C&C Hydraulics, currently based three miles away in Bingley, and a further two units are now under offer. The site also contains an 18,000 sq ft office building, with 100 parking spaces, which will be rebranded Aireside Business Centre and is suitable for single or multiple company occupation.

James Turner, managing director, Turner Commercial Developments, said: “We’ve been aware for some time of unfulfilled demand from local businesses for modern, quality space of the kind we’re offering. The very healthy level of interest we’re already seeing indicates how worthwhile our investment is likely to be.

“During the acquisition we received excellent advice from Paul Young at Gordons. I’ve worked with Paul before and didn’t hesitate to do so again, given the technical expertise and commercial awareness that he and his team offer.”

Paul Young previously advised Turner Commercial Developments on the purchase, development and sale of 17 business units at Ryefield Court, Silsden, four miles from the Royd Ings Avenue site in early 2009 and more recently on the acquisition, letting and sale of Sunwin House in Ilkley, now occupied by retail chain Boyes.

Commenting on the latest acquisition, Paul said: “It was a pleasure to work with Turner Commercial Developments on this deal as it is a big boost to the commercial property market in the Keighley area.

“All of the units will offer prestigious modern space in a location that’s ideal for fast access to Bradford and Skipton. We have every confidence that the success achieved by James and his team at his other developments will be repeated here.”