Harworth Estates19 Mar 2014 08:28
YORKSHIRE, UK—Harworth Estates, a UK redevelopment company, has arranged financing for, and begun marketing on the first speculative industrial development in Yorkshire for six years.
The funding will enable Harworth to move dirt next month on 100,000 square-feet of industrial units on seven acres of land at the Advanced Manufacturing Park (AMP) in Rotherham, Yorkshire. The development, called R-evolution @ The AMP, received detailed entitlements in February.
In two separate transactions Harworth has completed a forward-purchase agreement for the first phase of the development with Rotherham Metropolitan Borough Council for $7.15 million (£4.3M) and secured a $4.4 million (£2.7M) loan from the Sheffield City Region Joint European Support for Sustainable Investment in City Areas (JESSICA) Fund.
“We will deliver a first-class development for Rotherham Council,” said Owen Michaelson, chief executive of Harworth Estates. “In a region where the availability of equivalent-quality stock is reducing, we expect to attract top-quality tenants, which will allow Rotherham to benefit from secure, long-term rental income from the development.”
The forward-purchasing agreement will involve Rotherham Metropolitan Borough Council taking ownership of R-evolution’s first phase when it is completed in October 2014. Harworth will be responsible for the delivery and the leasing of the development.
The money from Sheffield City Region’s JESSICA Fund, which was set up to support infrastructure and real estate investment opportunities across the region, will pay for infrastructure works and the construction of new manufacturing units at R-evolution.
“The Advanced Manufacturing Park is synonymous globally with cutting edge expertise in advanced manufacturing technology, and as a result there is strong demand from high quality manufacturing businesses, who want to join the world-class companies already located here in Rotherham,” said Paul Woodcock, director of planning, regeneration & culture, Rotherham Metropolitan Borough Council
“The R-evolution project will provide opportunities for these businesses to grow at the AMP, both further enhancing the reputation of the Park and benefitting Rotherham through the creation of more high quality jobs and investment into the borough.”
R-evolution @ The AMP is located at Harworth’s Waverley site, which is being transformed into Yorkshire’s largest-ever mixed-use development. The 740-acre development comprises an Advanced Manufacturing Park with world-leading occupiers, employment development and a new community of 4,000 homes along with shops, restaurants, schools, leisure & community facilities and parks.
The Advanced Manufacturing Park is the UK's premier advanced manufacturing technology park. Businesses on the park already provide world-class technology solutions for use in precision industries