Frank Marshall Estates of Bradford, bought the four-acre site from Flanshaw Property Ltd for £1.3 million in 2020.
Since then, the first phase of the prime employment park on the outskirts of Wakefield, by Junction 40 of the M1, has been fully let.
This phase was speculatively developed last year and featured 17 units, including seven hybrid Nano units and 10 light industrial and warehouse units ranging up to 9,500 sq ft.
The second phase of the development comprises 26,000 sq ft of units ranging in size from 1,500 sq ft. up to 6,000 sq ft. Work has now started on site and is scheduled to be completed by June next year. The main contractors are Percy Pickard of Bradford.
Edward Marshall, director of Frank Marshall Estates, commented: “We are extremely proud of the success of our speculative development of the first phase of Flanshaw Way, which is a
resounding endorsement of what Flanshaw has to offer, and we are delighted to be already receiving strong interest in the second phase.
“When we bought this land, we promised to create the best business park that Wakefield has ever had. We are now delivering on that promise, despite the challenges posed by the global
pandemic and the uncertainty surrounding Yorkshire’s commercial property market.
“It is clear that there is a massive pent-up demand in West Yorkshire for high-quality buildings of 10,000 sq ft and under in great locations. We are pleased to be the leading developer in the region for this specific market.”
“We favour quality local businesses as tenants, as we enjoy dealing with people who love their business as much as we love ours. Our great relationships with all the occupiers of the
first phase of Flanshaw Way proves this point.
“Wakefield is a logistics and distribution hotspot, thanks to its superb position at the centre of Yorkshire’s excellent motorway network. We estimate that the park, once it is fully developed out, will maintain 200 new and sustainable jobs, providing a substantial boost to the area’s economy.
“This is already a development of which Wakefield is justifiably proud. The city is a well- established commercial centre with a large, skilled labour force. The majority of occupiers of
our first phase are quality local businesses who needed properties to match their expanding businesses. But we are also bringing companies from other areas into Wakefield.”
Rob Oliver, Principal at property consultancy Avison Young, commented: “When we sold this site to Frank Marshall Estates, we were confident from the outset that a scheme of this
nature would be well received by the local occupational market. Whilst there has been a number of mid-size and big box developments in the Wakefield area over recent years, there
has been relatively little development of smaller units, despite good demand.
“We are delighted that this development has been so well received by the local occupational market and are proud of our role in securing deals here,” he added.
Avison Young are the joint marketing agents for Flanshaw Way, together with Hazel Cooper of Carter Towler and Jonathan O’Connor of Ryden.