Speculative scheme could create 100 jobs
UP to 100 jobs could be created on a major new business park in Yorkshire, which is being built in response to soaring demand for industrial space.
Building work has started on a speculative multi-let business park in Doncaster, which has attracted interest from a wide range of businesses. It is one of the first big speculative schemes to be created in South Yorkshire since the global slump of 2008.
Investor Carnell Management Services said it plans to capitalise on the lack of accommodation for smaller firms in the region, by developing 13 units ranging in size from 2,000 to 12,455 sq ft at Bullrush Business Park.
The project has been partly funded with a grant of £1.429m from the European Regional Development Fund (ERDF).
Bullrush Business Park will form part of the existing First Point Business Park, which stands half a mile from Junction 3 of the M18.
The units are expected to be ready for occupation from September, and will be available to let by way of a new lease.
Rebecca Schofield, a partner at the Sheffield office of Knight Frank, who is marketing the development alongside PPH Commercial, said: “This is one of the first speculative developments we have seen in a number of years.
“South Yorkshire has continued to see demand for good quality accommodation where stock levels have reduced significantly over recent months.
“This development is designed to alleviate the significant pressure on availability of small to medium sized units.
“There has been a decreasing amount of choice for potential tenants. The scheme has already been well-received to the market with four units already under offer.”
Ms Schofield said there had been little or no speculative development in the region since 2007, and the ERDF grant helped to “bridge the gap” and give the developers the confidence to complete the scheme.
She added: “The buildings lend themselves to flexibility. There could be up to 100 jobs created on the site.”
The companies that are understood to have shown an interest in the scheme include small manufacturing firms, and those involved in the printing and medical industries.
Ms Schofield said she hoped other developers would come forward and provide other speculative schemes in South Yorkshire. She said the general sentiment in the property market was positive, although some supermarkets were struggling.
Paul Carnell from Carnell Management Services said: “We are aware of the pent up demand in the area and the award of the ERDF grant has given us the ability and confidence to bring forward the scheme. We think that the quality of the units and the size range on offer will prove attractive to the market.”
The Mayor of Doncaster, Ros Jones, added: “We are working hard to bring new jobs to the borough and it is great to see Carnell Management Services showing confidence in Doncaster by building these new speculative industrial units in a prime location.”
She said Business Doncaster, a partnership which includes Doncaster College and Doncaster Chamber of Commerce, would work with the agents to attract tenants.