Tuesday, September 11, 2018

News: Latest AMP phase completes

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Interest is high in the recently completed new units on the Advanced Manufacturing Park (AMP) in Rotherham where companies are keen to locate alongside the likes of Rolls-Royce, McLaren and the University of Sheffield's AMRC.

Landowner and developer, Harworth Group plc has announced that it has practically completed six new speculative "R-evolution" units totalling 56,549 sq ft at the Waverley site, as part of the latest phase in creating what is already recognised as the UK's premier advanced technology park.

Three speculative phases have been backed by public sector loans and the latest lettings to the likes of British Steel, Bodycote and Spendor Audio have commanded new headline rents.

Indeed phase three's Unit 6, which measures 26,000 sq ft, is currently listed as under offer. Harworth said it anticipates announcing further lettings progress at this site this year.

Waverley is Yorkshire's largest ever brownfield mixed-use development at 740 acres. Consent has been given for 2.1m sq ft of commercial space and 1.3m sq ft has been built. At the new community, 850 homes have already been built.

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David Travis, director of business space at Harworth Group, said: "Another six completed units have been delivered to the highest quality and I want to express my continued thanks to both JF Finnegan [contractor] and our appointed project team for a job well done.

"We are now focussed on promoting these units for immediate leasehold occupation to advanced manufacturing and engineering companies, who wish to be a part of the collaborative cluster of high-value occupants that has been successfully established at the AMP over the last decade."

The scheme is being marketed by jointly appointed agents Knight Frank and Gent Visick.

Rebecca Schofield, partner at Knight Frank's Sheffield office, said: "We are delighted to see the latest phase of speculative development completed at the Advanced Manufacturing Park. Harworth Group's commitment to delivering space on a speculative basis specifically for the advanced manufacturing sector has clearly been welcomed by the occupier market and we continue to see good levels of interest. The units are designed with flexibility to satisfy a variety of occupier requirements."

Paul Mack, partner at Gent Visick, added: "Given the success of Harworth's previous phases at the AMP, it's exciting that the latest phase is now finished and ready for immediate occupation. The AMP is home to some of the biggest names in the manufacturing sector and we look forward to welcoming further companies to the park. Funding from Sheffield City Region's JESSICA fund was utilised to facilitate the construction of these units, as Harworth has done for its' previous phases of "R-evolution @ The AMP"."

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The JESSICA fund is a financial engineering mechanism used to create a revolving fund for regeneration projects such as the creation of new commercial floorspace, brownfield redevelopment or investment in infrastructure.

It used £8m of the government's Growing Places Fund to leverage a further £15m of funding from the European Regional Development Fund (ERDF).

William Church, director of CBRE Capital Advisors and fund manager for SCR JESSICA, said: "Following the success of Harworth's previous SCR JESSICA supported developments throughout the region, we are delighted to have funded the delivery of further speculative space at the Advanced Manufacturing Park. The provision of such space is fundamentally important infrastructure for the economic growth of the region; given limited existing supply; and supporting this growth is the purpose of the Fund."

In June Rothbiz reported that a further 430,500 sq ft of commercial space can be created on the AMP after plans were approved by the planning board at Rotherham Council.

Harworth Group website

Images: Harworth

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