Russells Construction has completed construction of two new build industrial schemes for developer Property Alliance Group. The projects, which total more than £5m, are the first speculative industrial builds the contractor has delivered since the recession, a welcome marker according to Russells Construction director Gareth Russell.
He said: “It is still rare to find developers prepared to invest in speculative development as it was off the cards for so long, so it’s good to see this type of project returning. For a long time it has been end users and occupiers with capital available to fund a move or upgrade their existing properties. With developers now coming back into spec builds, there will be another option available for occupiers looking for new build and a welcome stream of projects for contractors. ”
Russells Construction has completed 11 new industrial units in Radcliffe as part of a £2.6million contract PAG. The new Bury South Business offers a total of 36,500 sq ft for trade counter and warehouse use. Of that, 11,000 sq ft is already let to ITHS and Crown Paints, with 16,000 sq ft under offer and 9,500 sq ft still available.
The redevelopment of the brownfield site at Dumers Lane saw the demolition of a former factory and significant groundworks and remediation to lift the levels of the site above the floodplain of the River Ribble. The units were designed by Cube Architecture and structural advice was provided by Healy Consulting.
The build is part of a wider £10m redevelopment of the 27-acre site into a mixed-use scheme comprising housing, industrial space, a children’s day care nursery and a seven-acre riverside park. Bellway has commenced construction of 114 new homes and Persimmon has permission for a further 125 homes.
Russells Construction has also handed over a single 50,000 sq ft unit over 2.5 acres at the Victory Park industrial site in Upwell Street, Sheffield. Designed by AEW Architects and built to BREEAM Very Good standard, the £2.5m unit has been specified for manufacturing use, but could be subdivided for storage and distribution. Agents are in discussions with a number of firms over the potential lease or acquisition of the unit.
Victory Park is a 13-acre mixed-use site, already home to Elliott Group, the portable buildings firm, and permission also exists for an additional build of upto 80,000 sq ft for office, general industrial, or storage and distribution (B1, B2 or B8) use.
Lee Charnley, development director from Property Alliance Group, said: “There is significant pent up demand for new, quality industrial buildings which makes bringing forward speculative developments like these an easier decision for developers.
“We’re taking a flexible approach to either freehold sale or lease transactions, depending on the occupier’s requirements, and have been extremely pleased with the interest in both speculative developments.”