Opus North — the Palmer Capital funded Yorkshire-based property developer — is on course to fulfill its own prediction that 2015 will be a record breaking year after receiving the green light on the latest of its multi-million pound schemes. So far this year it has clocked up an £85m development pipeline.
With developments already underway across the north of England and Wales, including prime office, retail and industrial projects in Leeds, Morecambe, Llandudno, Darlington and Stockton-on-Tees, Opus has now been granted permission to build a retail park on a derelict four-acre site in Armley, Leeds — just 17 miles from its Ilkley head office.
The Armley land, previously occupied by the thermal cooling systems manufacturer DENSO Marston, has lain empty for almost two decades and has attracted increasing criticism from local residents and councillors who have branded it a “disgraceful eyesore”.
Work to transform the brownfield site will start this summer with a number of national retailers already lined up as tenants for the £8.5m scheme. Opus claims the project will create at least 100 jobs.
Last month, it was also granted permission for a £6.5m retail park in Skipton, North Yorkshire. To feature a Wickes do-it-yourself store, a Pets at Home and several other high-profile retailers, the scheme will be built on part of the former Guyson’s International factory site.
Further north, in Darlington, a major £10m retail park in Albert Road has also been approved by planners. It will create 150 jobs and be open by the end of this year. The scheme is anchored by Aldi alongside a number of national retailers
“We have been incredibly busy, busier even than in the boom times before 2008,” explained director Andrew Duncan. “The new confidence in the economy means that deals can be done, provided the location, the building and the price, for both leasing and buying, are right.
“We are especially pleased that our developments focus on all sectors of the commercial property market, from office to industrial and retail, underlining our breadth of experience and expertise. Our long-term developments now boast a healthy rent roll and are almost full,” explained Mr Duncan, “while our new schemes are attracting household names as tenants and occupiers.”
He added: “Overall, 2014 has been an excellent year for Opus North, with developments stretching across the north of England and Wales. However, busy as we are, we remain on the look-out for attractive development opportunities. These are exciting times in the commercial property market, with investment funds moving into the regions, and we intend to make the most of the opportunities out there”.
