Funding deal to enable industrial project could create 300 jobs
A forward funding deal has been agreed for up to 213,000 sq ft of new industrial units in West Yorkshire.
Interchange 26 LLP has completed on the deal with 4th Industrial (UK) LP for these units at the Interchange 26 logistics and manufacturing hub. The scheme has the potential to create 300 new jobs for the region.
The funding commitment will see the delivery of three units at the prime logistics base.
Reserved matters consent has recently been granted by Kirklees Council for a 64,500 sq ft unit and a 43,500 sq ft unit.
A further planning application is under consideration for up to 105,000 sq ft, which forms the final phase of development.
GMI Construction has been appointed as contractor and work is scheduled to start on site in early 2022 with delivery of the two consented units expected in late summer 2022. Works on the final phase will begin once planning has been considered by Kirklees Council.
Interchange 26, an Opus North & Network Space Capital owned company, acquired the former water treatment works site on an unconditional basis in 2019.
It forms part of Opus North’s wider development strategy to enhance its £250m development programme with a focus on the logistics sector.
Ryan Unsworth, development director of Opus North, said: “This forward funding agreement will enable us to bring three much needed mid-box units to the severely constrained regional pipeline, fulfilling our vision for this strategic site.
“This development will go some way to addressing the supply and demand imbalance in South Bradford and North Kirklees, while facilitating new jobs for the wider region.”
4th Industrial is a commercial real estate company that invests in multi let and light industrial property and was founded by industrial property specialist Derek Heathwood.
Interchange 26 LLP was represented by Dove Haigh Phillips and Knight Frank in the transaction while 4th Industrial represented itself.
