£8million speculative Enterprise Zone development breaks ground
05 Jul 2016
Wilton Developments announced today (30th June 2016) that it has appointed GMI Construction to deliver its new 83,000 sq ft commercial development on Newmarket Lane, in the heart of the Leeds City Region Enterprise Zone.
Kinetic 45, an £8million industrial and warehouse scheme, will be delivered speculatively as a standalone 60,000 sq ft industrial unit incorporating high quality office space and two smaller units of 11,000 and 12,000 sq ft, all of the buildings will have their own secure yards. This is Wilton’s second speculative scheme in the Zone following on from the success of Connex 45.
GMI Construction has started on site and the project will be ready for occupation in December this year.
Jason Stowe, Managing Director of Wilton Developments, said: “This is another Yorkshire success story as we have appointed GMI to deliver our second high-quality, speculative built industrial scheme in the Enterprise Zone, working alongside our Yorkshire based design team.
“We are confident we will receive a lot of interest in these high quality, well located units and look forward to helping to boost the local economy and create new jobs.”
The ground breaking ceremony took place today and Wilton Developments was joined by Leeds City Council and the Leeds City Region LEP on the circa four acre site. The ceremony followed a business briefing held jointly with LCC and the LEP with industrial property agents across the city.
Roger Marsh OBE, Chair of Leeds City Region Enterprise Partnership (the LEP) commented: “Today’s announcement marks the next phase in the evolution of the Leeds City Region Enterprise Zone. I’m delighted that Wilton has selected a regional firm to deliver its latest development.
“Over the last three months we’ve seen interest and activity continue to build within the Enterprise Zone and with the industrial property market looking strong, I’m sure that Kinetic 45 will attract considerable interest from occupiers keen to take advantage of the site’s location and connectivity. Our Enterprise Zones are a key part of the City Region’s strategic economic plan and as the premier destination for logistics and e-fulfilment in the North of England, offers us a real opportunity to attract major occupiers and grow our economy.”
Leeds City Council executive member for regeneration, transport and planning Councillor Richard Lewis said: “We are delighted to see work starting on another major new development within the Leeds City Region Enterprise Zone. It is especially pleasing to see local companies involved in the design and construction of this new Kinetic 45 development, which will provide a further boost to the local and regional economy, as well as creating new job opportunities in the months and years to come.”
The Enterprise Zone comprises 142 hectares of prime employment land adjacent to the M1 motorway, just two miles from Leeds City Centre and is an ideal location for manufacturing and supply chain companies.
The Kinetic 45 development is close to Wilton’s successful Connex 45 scheme, which was the first speculative development in the Enterprise Zone and is now home to FedEx and Perspex Distribution Ltd.
Wilton Developments has appointed CBRE’s Leeds Industrial Agency team as sole agent on Kinetic 45. Mike Baugh Senior Director from CBRE said: “Kinetic 45 represents the only large scale speculative development taking place in the Leeds area currently and we are delighted to be working with Wilton Developments on this project. Given the quality of the scheme under construction, the lack of supply of modern units in the Leeds area and the Enterprise Zone location we are already seeing a good level of interest from the occupier market”