£80m development pipeline puts firm on course for record year
PROPERTY developer and investor Opus North is on course for a record-breaking 2015, with a current development pipeline of more than £80m.
The Ilkley-based company, which is funded by Palmer Capital, is undertaking developments across the North of England and Wales, including office, retail and industrial projects in Leeds, Darlington and Stockton-on-Tees.
Opus North director Andrew Duncan said: “Overall, 2014 has been an excellent year for Opus North, with developments stretching across the north of England and Wales. However, busy as we are, we remain on the look-out for attractive development opportunities. These are exciting times in the commercial property market, with investment funds moving into the regions, and we intend to make the most of the opportunities out there”.
In Armley, Opus North has recently signed up for a derelict four-acre site, previously occupied by DENSO Marston, the thermal cooling systems manufacturer. The company plans to transform and improving local shopping facilities and a number of national retailers are already lined up as tenants.
Further north, in Darlington, a major £10m retail park in Albert Road has been given the green light. It will create 150 jobs in Darlington and be open by the end of this year. The scheme is anchored by Aldi alongside a number of national retailers.
In Skipton, Opus North is working in conjunction with manufacturing company Guyson to develop a £6.5m retail park on Keighley Road, which would feature four bulky goods retail units, including Wickes DIY.
At the same time the 360,000 sq ft Opus Park, which has been developed on the site of the old MFI factory site at Stockton-on-Tees, has been transformed into a modern, industrial warehouse complex with unit sizes up to 150,000 sq ft.
Mr Duncan said that the company had been exceptionally busy during the past 12 months, taking advantage of renewed confidence in an improving UK economy.
He added: “We have been incredibly busy, busier even than in the boom times before 2008 The new confidence in the economy means that deals can be done, provided the location, the building and the price, for both leasing and buying, are right.
“We are especially pleased that our developments focus on all sectors of the commercial property market, from office to industrial and retail, underlining our breadth of experience and expertise. Our long-term developments now boast a healthy rent roll and are almost full while our new schemes are attracting household names as tenants and occupiers.”
