Gordons advises on phase two of multi-million pound Keighley industrial property development
Friday 4th July 2014
Yorkshire law firm Gordons has advised Ilkley-based Turner Developments on its acquisition and ongoing development of the former Magnet site on Royd Ings Avenue, Keighley.
The site – which had been disused for 18 months – was acquired for an undisclosed, multi-million pound sum and represents phase two of Turner Developments’ plan to deliver high quality industrial property in the Aire Valley.
Called Riverside Business Park, the redevelopment will see selective demolition of parts of the existing 360,000 sq ft of buildings at the site to create up to seven separate units ranging from 16,000 to 90,000 sq ft for industrial, warehousing and distribution use. Once complete, the business park will comprise 260,000 sq ft of prime industrial property.
Two units have already been sold at Riverside Business Park, one of which is 90,000 sq ft in size and the other is 30,000 sq ft. Work begins on site in September 2014 and is expected to complete in April 2015. It is anticipated that it will create 50 construction jobs and, once fully occupied, it will be the workplace of around 250 people.
Gordons commercial property partner Paul Young leads the firm’s team which advises Turner Developments. He advised on the acquisition of the Magnet site and continues to do so in relation to ongoing development, sales and lettings at Riverside Business Park.
Turner Developments was also advised on the acquisition of the site by Mike Atkinson of Leeds-based land and property consultancy, Atkinson Associates. The company is Turner Developments’ selling agent for Riverside Business Park, along with Hayfield Robinson.
Commenting on the business park, Turner Developments managing director, James Turner, said: “The success of Aireside Business Park has shown that there is very strong demand for high quality industrial property in the Aire Valley. Acquiring this major new site enables us to build upon our success and continue to revitalise the area.
“Throughout the acquisition, and now as we enter the construction, sales and lettings phase, Paul and his team have worked closely with Atkinson Associates and have been outstanding during what has been a complex process.
“We are a long term client of Gordons and instructed the firm on this project because we trust Paul to provide straightforward advice, act quickly and ensure we are best placed to deliver our developments.”
Gordons and Atkinson Associates also advised Turner Developments in 2011 on phase one of the industrial property development project, when the company acquired the former headquarters of national home furnishings retailer Ponden Mill on Royd Ings Avenue, opposite the Magnet site.
Turner Developments then built Aireside Business Park on the eight acre site. Comprising seven units ranging from 10,000 to 40,000 sq ft, and 160,000 sq ft in total, it is now fully occupied. Around 200 people now work at the business park.
Paul said: “We are very pleased to have been able to work with James and Atkinson Associates on both phases of this project. The level of investment that Turner Developments has put into the Aire Valley is significant, so it is hugely pleasing to see the success of Aireside Business Park and the pre-sales at Riverside Business Park. This is a real confidence boost for the area and we are proud to be part of it.”