A funding deal has been agreed to deliver three huge logistic units spanning 213,000 sq ft in West Yorkshire.
Interchange 26 LLP has secured the backing from 4th Industrial (UK) LP for the strategic development at the M62 and M606 junction on the outskirts of Bradford.
It is seen as having the potential to create 300 new jobs.
Read more: £25m deal completes for new Leeds industrial park
Outline planning has been secured for a 64,500 sq ft unit and a 43,500 sq ft unit from Kirklees Council, with a further application being considered for up to 105,000 sq ft, the final phase.
Leeds-based GMI Construction has been appointed as contractor and work is set to start early this year. Delivery of the two consented units is anticipated by late summer.
Interchange 26, an Opus North & Network Space Capital owned company, acquired the former water treatment works site in 2019 to develop prime industrial accommodation. A comprehensive remediation and earthworks package has now been completed.
Ryan Unsworth, development director at 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.”
This latest deal follows on from Interchange 26’s 10.4 acre land sale to British Airways Pension Trustees Ltd and Tungsten Properties in 2020. Work is underway on Super B, a new big box warehouse, which is set for completion later this year.
4th Industrial is a commercial real estate company that invests in multi-let and light industrial property and was founded by experienced industrial property specialist Derek Heathwood. The portfolio totals more than two million sq ft across 12 estates located in key industrial areas across the UK.
Interchange 26 was represented by Dove Haigh Phillips and Knight Frank in the transaction.
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