The Yorkshire Counties York’s Hessay Industrial Estate a Firm Favourite in ‘23
Only a very short distance from the main A59, York’s important link with the main Al(M) route and within the York Unitary Authority
area, is the 157,000 sq.ft.
{14,585sq.m.) Hessay Industrial Estate. A complex of well-established units which for the past 25 years have met the needs of a wide variety of successful businesses, many of whom have expanded their presence. Due to the continued popularity of the business park, 2023 has so far seen over
23,000sq.ft. {2136sq.m.) of space find new occupiers including even a letting of one of 4 prefabricated steel, half-round, ‘Romney’ buildings developed during the second world war. The latter still proving popular with small businesses despite the passing of time and seldom available for too long.
The most recent letting involved a more traditional industrial unit with on built office content - over 6,S00sq.ft. {603.85sq.m.)
in total. To meet its expansion plans, the established business was tempted away from one of York’s other business parks by the Estate’s more rural environment but not at the expense of accessibility.
Work is now nearing completion on upgrade work to a combination of units which has resulted in total warehouse space of just under 18,000sq.ft. {l,672sq.m.). Offered at a rent of £70,000pa (exc.)- still under £4/ sq.ft., Hessay gives the modern occupier a realistic alternative at attractive rental levels.
Elsewhere, other Sole Agency appointments at Handley Park and Bentley Park, Osbaldwick both just within the City’s Outer Ring Road continue to enjoy 100% occupancy. At the time of writing, we are instructed on a soon to be available 10,000sq.ft. {929sq.m.) 1960’s unit at Brooklands, Osbaldwick. For York, a rare occurrence - a unit with surrounded on 3 sides by fenced open storage space which has always proved popular, particularly with Companies fulfilling contracts in the Greater York Area.
Hopefully, 2024 will see new occupiers well-established in the 2 units which form the current focus of our attention in our patch.
Singapore Property Giant Invests in York and Work Starts on Major New Development
Work has started to build a much-needed 303-bedroom student scheme in York after a forward funding deal was agreed with Singapore based Q Investment Partners (QIP).
The mix of 195 cluster apartments and 108 studios will be spread across a three to five storey development on James Street in York.
Planning permission was secured for the scheme by S Harrison last year, and the respected York based development firm is working with QIP and a wider development team to deliver the project in time for the 2025 student intake year. The development will then be operated by the Prestige Student Living brand of Homes for Students.
GMI Construction Group has been appointed as contractor, and it is expected that the development will complete in the Spring of 2025.
Peter Young, CEO and co-founder of QIP believes that purpose-built student accommodation (PBSA) is increasingly attractive to institutional investors. He said: “James Street is one of the student schemes that is part of a £200m build-to-core UK student housing venture between QIP and property investment group, Soilbuild. This expansion complements our existing stabilised portfolio, in partnership with Ares, that encompasses c.1,000 bedrooms across the UK’s leading student cities. This latest partnership reaffirms our unwavering commitment to the sector and allows QIP to leverage our existing platform scale to meet the rising demand for high-quality student accommodation in the UK.”
QIP is a private equity real estate firm that specialises in the global residential living sector. The company invests in the UK, US and Japan, by investing in PBSA, multi-family and co-living rental buildings, build- to-rent and care homes.
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Reserved Matters Planning Secured for First Unit at Greenbox Thirsk
Citivale, the UK specialist logistics developer and operator, has secured Reserved Matters planning approval for the first unit to be built at its Greenbox Thirsk site.
Unit 1 at Greenbox Thirsk will comprise 365,000 sq ft of manufacturing and logistics space with market-leading sustainability credentials, marking the first phase of development which will provide up to 825,000 sq ft across three units in Thirsk, North Yorkshire. Enhanced specifications will include 15m haunch heights, 55m yard depths, 50Kn / m2 floor loading, a mix of ground level and dock loading doors and high-quality office space.
Greenbox Thirsk is the first development for Greenbox, launched earlier this year. Located in an established distribution and manufacturing hub, less than 5 minutes from both J49 of the A1(M) and the A19 at Thirsk, Greenbox Thirsk provides access to the North East, Teesside and Tyneside. Neighbouring occupiers include Cargill, Inspired Pet Nutrition (IPN), Severfield PLC, Cleveland Steel & Tubes, Wetherby Group and I’Anson. In line with Greenbox’s ESG commitments, Unit 1 at Greenbox Thirsk will target net-zero carbon in construction, BREEAM Excellent and EPC A ratings. The roofs will be 100% photovoltaic panel ready, 10% of parking spaces will be for electric cars (future- proofed for all spaces), and CAT-A fitted office space is proposed with LED lighting and air-source heat pumps. Bespoke build, to individual occupiers’ specific requirements, can also be accommodated.
James Appleton-Metcalfe, Founder of Citivale, says: “We have been working closely with North Yorkshire Council to bring forward this Grade A space at Greenbox Thirsk. We now have an oven ready site and are in discussions with multiple occupiers, and we will shortly commence works, starting with the access into the site.”
Colliers and Carter Towler are retained as letting agents for Greenbox Thirsk, and more information on the scheme can be found at
https://greenbox-thirsk.co.uk
COMMERCIAL PROPERTY MONTHLY 2023
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