AMP’s role as ‘world class cluster’ highlighted as Evolution sold
HARWORTH Estates has sold its Evolution industrial development at the Advanced Manufacturing Park to real estate advisory and investment company Cornerstone for £7m.
Evolution @ the AMP at Waverley, South Yorkshire, is fully let and recently agreed Rolls Royce as a tenant.
Evolution has 15 units ranging in size from 2,300 sq ft to 27,000 sq ft and was developed by Harworth Estates in 2008.
It is used by fast-growing companies in manufacturing technology related sectors, many who have started at smaller units at the AMP.
Campbell Carruth, business parks director at Harworth Estates, said: “Evolution has proved to be a first class development: within the first six months of 2012 we let four units generating an annual income of over £250,000 and total annual rental income is now £725,000.
“This includes what we believe to be a record rental in Yorkshire of £6 per sq ft for Rolls Royce’s 10,000 sq ft unit. Other tenants at Evolution include Carbolite, Polymer, Dormer Tools, Xeros, Struers and Liebherr.
“The demand for space at Evolution provided the platform for this sale. It has been so successful that demand was over-subscribed.“
Law firm hlw Keeble Hawson represented Harworth Estates in the sale.
Partner Richard Smith said: “Over the last few years the AMP has been recognised as the prime location for any company wanting to work at the heart of Europe’s advanced manufacturing community.
“Securing a blue chip tenant of the calibre of Rolls-Royce was critical to attracting investor interest in Evolution, which was the first speculative development at the AMP.”
Toby Hyam, managing director of Creative Space Management, which operates the Advanced Manufacturing Park Technology Centre (AMPTC), part of the Advanced Manufacturing Park, said the deal showed there was confidence in the development.
Mr Hyam said: “It’s a good sign that there are investors who consider assets such as Evolution Park to be a worthwhile long term investment – this is a positive sector for the AMP and further vindication of the growing importance of this world class cluster.”
The sale of Evolution was conducted jointly by property agents Lambert Smith Hampton and Knight Frank.
The AMP is one of the UK’s premier advanced manufacturing technology parks and boasts a raft of world class tenants.
