Developer lands 75,000 sq ft speculative warehouse build contract
DEVELOPER J F Finnegan has scooped a £3m design and build contract for a 75,000 sq ft speculative warehouse development in South Yorkshire.
The Sheffield-based contractor will create Unit 5 at Gateway 36 in Barnsley, which aims to address the regional shortage of quality industrial accommodation.
It will be developed as part of the first phase of Harworth’s Gateway 36 scheme, which comprises 127 acres in three phases with direct frontage to the A6195 Dearne Valley Parkway, just off the M1 south of Barnsley in the heart of the Sheffield City Region.
This follows Harworth practically completing the first three units on the development, totalling 65,000 sq ft, at the end of January.
Related: Profits ahead for positive Harworth…
JF Finnegan will begin the construction of the unit in March to Harworth’s ‘R-evolution’ specification with completion scheduled for September.
Gary Smith, managing director at JF Finnegan, said: “The Gateway 36 development is bringing much-needed good quality industrial accommodation to South Yorkshire and we are delighted to have been appointed by Harworth Estates to deliver this significant new building. The shortage of high quality industrial space is well documented and this speculative unit will hit the market at an opportune time.”
Robert Cole, project manager at Harworth Estates, added: “JF Finnegan are one of the region’s leading building companies and we have full confidence that they will be able to deliver a unit suitable for a range of occupiers. We look forward to working with them as the Gateway 36 development goes from strength to strength.”
Funding for the construction of the new unit has come from a loan from the Sheffield City Region (SCR) Joint European Support for Sustainable Investment in City Areas (JESSICA) Fund.
The SCR JESSICA Fund, which is made up of the European Regional Development Fund (ERDF) and Growing Places capital, aims to provide funding for projects at competitive commercial rates where funding might otherwise prove challenging in the current markets.
The fund will commit capital to regeneration opportunities with a focus on office and industrial developments which meet the ERDF’s targets on employment, remediation and floorspace outputs.
The fund is managed by CBRE Capital Advisors.
Read next: “Multi-million” pound investment in shopping centre…
