Sheffield City Region’s Enterprise Zone will be the site of Yorkshire’s first speculative industrial scheme since 2007, it was revealed this week.
Developers Harworth will begin development next month of 100,000 sq ft of industrial units on seven acres of land at the Advanced Manufacturing Park (AMP) in Rotherham, South Yorkshire. The development, called R-evolution @ The AMP, received detailed planning consent in February 2014.
The project has been made possible by a forward-purchase agreement for the first phase of the development with Rotherham Metropolitan Borough Council for £4.3 million and by securing a £2.7 million loan from the Sheffield City Region Joint European Support for Sustainable Investment in City Areas (JESSICA) Fund.
Owen Michaelson, Chief Executive of Harworth Estates, said: “We will deliver a first-class development for Rotherham Council. 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.”
Paul Woodcock, Director of Planning, Regeneration & Culture, Rotherham Metropolitan Borough Council added: “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.
“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.”
Chris Scholey, Local Enterprise Partnership Board (LEP) member and Chair of the Sheffield City Region Enterprise Zone Governance Board, said: “The LEP welcomes the news that Harworth Estates and Rotherham Council are progressing quickly with plans for R-evolution @ The AMP, which is part of the Sheffield City Region Enterprise Zone.
“It is easy to see why the Advanced Manufacturing Park (AMP) is so attractive to investors, with the likes of Rolls-Royce, Boeing and Sheffield University rapidly expanding their operations.
Scholey was keen to highlight the importance of Enterprise Zone status for the development of the Advanced Manufacturing Park. “The tax incentives that Enterprise Zone status brings make the Sheffield City Region incredibly attractive, and R-evolution will help to ensure that international investors can set up quickly and easily.”
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, including aerospace, defence, construction, automotive, sport and others. It is home to world-class organisation such as Boeing, Rolls-Royce, Castings Technology International (CTI), Dormer Tools, Sandvik Coromant and TWI. The Park still has four employment phases comprising over 68 acres available for a variety of employment uses, all of it benefitting from Enterprise Zone status.