Member Article

£670,000 Kickstart towards Speculative Development in the Aire Valley

A £670,000 grant has been awarded to Wilton Developments, contributing towards the delivery of two manufacturing facilities at Thornes Farm in the Leeds Aire Valley.

The grant was secured by Leeds City Council (LCC) from the Government’s ‘Building Foundations for Growth’ fund and will facilitate and support the delivery of a 50,000 sq ft and a 30,000 sq ft high quality manufacturing and logistics buildings, in the Leeds City Region Enterprise Zone.

The funds form part of a wider £8.5m grant which is being administered by LCC. In addition to the £670,000 grant, the Council has entered into an individual funding and investment package with Wilton Developments in order to manage the risk of bringing forward Connex 45 speculatively.

Jason Stowe from Wilton Developments explains: “This grant contribution will help to deliver the first speculatively built industrial buildings of this scale in Leeds since the recession, providing a much-needed confidence boost. There is a shortage of market-ready premises in Leeds and the M1/M62 corridor and with demand increasing and such a prime location, I am confident that we will receive a lot of interest in these quality units.”

The units will be available on a leasehold basis or on a new 250 year ground lease with an option to purchase the Freehold. The Leeds offices of CBRE and Lambert Smith Hampton will be marketing the units. Tim Cross of Langleys Solicitors in York acted for Wilton on the various agreements.

Cllr Richard Lewis, Leeds City Council’s executive member for transport and the economy said: “I’m pleased that Wilton Developments are pressing ahead with this great opportunity to build quality industrial facilities in the Enterprise Zone to attract modern manufacturing firms. The Enterprise Zone has unrivalled benefits for businesses to take advantage of, and I look forward to seeing these developments take shape and for companies coming forward to snap up the units.”

The grant is aimed at delivering accelerated development at key locations along the East Leeds Link Road to provide a commercial offer capable of meeting identified demand for SME expansion space and accommodation for advance manufacturing. Ultimately it will help to meet the city’s shortfall of good quality industrial space and build further momentum within the Enterprise Zone, driving economic growth.

The grant is to be set spent by March 2015. Wilton Developments is currently entering into negotiations with contractors for the delivery of Connex 45 and, as the site has full planning permission, an announcement regarding the start on site is expected imminently.

Situated on a four acre site close to the East Leeds Link Road, the two buildings at Connex 45 will be available for B1, B2 and B8 users, to provide opportunities for occupiers on either a leasehold or freehold basis. They will be high quality facilities in a well-landscaped environment less than a mile from Junction 45 of the M1 and Leeds City Centre.

The Enterprise Zone comprises 142 hectares of prime employment land adjacent to the motorway and has the ability to foster more than 9,500 jobs. It is already home to well-established manufacturers such as packaging company, Roberts Mart, floor covering specialist, Mercardo and Symington’s food.

This was posted in Bdaily's Members' News section by victoria walker .