South Yorkshire property company EV Waddington has secured part funding for the £8m second phase of a business park in Rotherham.
Construction of three new blocks of speculative industrial buildings and warehouses totalling 91,010 sq ft, which can be split into 13 units, has begun at Kingsforth Business Park, part of the established Thurcroft Industrial Estate.
The most recent phase is part funded by the SY JESSICA Fund (Joint European Support for Sustainable Investment in City Areas) with a First Loss Loan together with a Development Loan Facility. The Fund is designed to promote sustainable investment, growth and jobs in urban areas through providing development support in the form of traditional loans and intervention funding.
Units in phase two have been designed for flexibility and can be combined to offer a range of unit sizes from 5,440 up to 10,980 sq ft and premises will be finished to a high specification to include 5.7-6.5m clear internal height; full insulation with full height roller shutter loading doors; fitted office accommodation to ground and first floor; warehouse lighting; connections to all mains services, including three phase electricity; good sized external loading area with dedicated car parking and fibre enabled.
Developer Tony Waddington, who was helped by Mercer & Co and Mascot Management on the funding application, said: “The multi-let unit project, made possible with a £1.45m award from the JESSICA programme, helps support continued economic growth in the region, which is key for us.
“This second speculative development demonstrates our confidence in the South Yorkshire market, our product, the location and the appetite within the industrial and logistics sector for units of this size within the region.”
Rebecca Schofield, office head at Knight Frank in Sheffield and head of industrial Yorkshire, which is acting as agent on the scheme, said: “The much needed, speculative accommodation at Kingsforth will bring 13 units from 5,440 sq ft to 10,980 sq ft available offering flexibility to be combined to accommodate larger requirements if needed.
“Kingsforth is aimed at industrial, warehouse and manufacturing occupiers with 6.5m eaves height, full height loading doors, lighting and office accommodation.
“These industrial and trade schemes address a shortage of small units across the region. Waddingtons continue to develop quality industrial units in South Yorkshire helping satisfy the pent-up demand for smaller, flexible units.”
The first phase of Kingsforth Business Park was completed by the developer without funding and is now let to occupiers including The Panel Company, UK Doors Online and EMED. Two units of 5,440 sq ft remain available.
