Tuesday, October 4, 2016

News: Signs of speculative development at Magna 34

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Plans for further commercial units in Rotherham have been submitted, signalling a return of speculative development at Templeborough.

The first phase of works at the £31m Magna 34 Business Park were completed in 2008 where Sheffield-based joint venture partners, Loxley Land and Property and Jaguar Estates, predicted it would eventually create around 600 jobs for the region.

The 19 acre park located off Junction 34 of the M1 is on the historic site of the former steelworks and before that, a Roman fort. 10,000 sq ft of office and industrial space is home to the likes of HS Atec, Grayson Fixings and Sortec Software Development. The massive 152,421 sq ft distribution unit, empty since completion in 2008 was taken by Parcelforce in 2014 and later bought by LondonMetric Property Plc in a £10.3m deal.

Now a planning application has been submitted to enable new commercial units to come forward on remaining plots at the site.

Having gained planning approval in 2007, the site benefits from further consent for 40,000 sq ft of industrial use and 10,000 sq ft of office use. However, the current proposals are to replace previously proposed uses on the northern part of the site, with around 26,000 sq ft of industrial use.

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The speculative development will be eligible for B1(c) light industrial, B2 general industrial & B8 storage or distribution and at this stage it is not known who the end users of the different units will be or indeed how many staff will be employed.

The plans, drawn up by Self Architects, show an indicative layout of two buildings which could be subdivided into four units immediately to the west of the first phase, with three buildings to the north between the first phase and RiDO's Fusion business centre, which have the potential to be split into nine units.

The development plots at Magna 34 are allocated within the Sheffield Enterprise Zone, which offers business rates relief worth up to £275,000 to a business over a five-year period.

With GVA and Knight Frank as agents, units have been available on a pre-let or pre-sale basis with consideration given to land sales.

At nearby Tinsley, Rotherham-based developer, E V Waddington Ltd, specialist in brownfield development, continues to successfully bring speculative developments to the market at the completed Vantage Park.

In 2004, Euro Dismantling Services and developer Jaguar Estates were appointed by Corus (now Tata Steel) as joint developers for the former Mayer Parry and Rolling Mills sites on Sheffield Road in Templeborough, Rotherham.

EDS undertook large scale decontamination, groundworks break out and land remediation to create development plots on the sites and following remediation, EDS established Loxley Land and Property to take the schemes forward.

EDS encountered financial problems in 2013 and the decontamination, access & insulation and nuclear trading divisions were acquired by OCS in 2014.

Jaguar Estates website
Loxley Land and Property website

Images: Loxley Land and Property


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