NEW 110,000SQ FT FACTORY FOR HOME DÉCOR
JF Finnegan secures deal to start regeneration of former Laycast site in South Yorkshire.
JF Finnegan has completed a deal with Henderson Global Investors for the purchase and construction of a brand new 110,000sq ft state-of-the-art factory for Sheffield-based Home Décor. The development of the facility will kick-start the regeneration of the 15 acre former Laycast Foundry Works site, which is located near J31 to the East of Sheffield, representing significant investment into the locality.
The site was vacated by Laycast after their operations closed in 2006 and from 2008 onwards developer Woodhouse Link LLP (a joint venture partnership with JF Finnegan and Laycast Ltd) has undertaken a complete demolition and remediation programme to facilitate a brand new industrial and distribution park known as Woodhouse Link.
Home Décor is relocating from its current base on Beighton Road in East Sheffield to the new facility which will offer 91,500sq ft of high-tech workshop space in addition to 21,600sq ft of offices/showroom space. JF Finnegan will start on site this month, utilising its extensive design and build capabilities to create the new premises which will be completed in December 2012.
Director at JF Finnegan, Nick Gillott, said: "To have secured an agreement with a global investor and a local tenant as the first occupier at this exciting scheme is fantastic news for all parties involved as well as the local area which will benefit from the revival of the redundant site. This takes us a step closer to realising our goal of transforming the site into a major business and industrial hub which will create employment opportunities and attract inward investment into the area."
Max Crosby-Browne, CEO of Home Décor, said: "The new premises will match our growth ambitions as a business and it's a great location for our existing employees in the Sheffield area."
Following the completion of the deal, a further 9 acres of land can accommodate new development at Woodhouse Link. Buildings of up to and around 60,000sq ft can be acquired on a freehold or leasehold basis through the scheme's agents GVA and Crossland Otter Hunt.
Nigel Howard, head of Real Estate at DLA Piper in Sheffield, advised J F Finnegan on the project. He said: "Commercial development remains a rare occurrence in the current market so it is particularly satisfying to see this agreement come to fruition and for work to start on site. The area has been ripe for redevelopment for a number of years and, thanks to its location and scale, lends itself perfectly to a number of occupiers. A stone's throw from the M1 and able to offer all the space it needs, it is the ideal development for Home Décor Innovations."
NEW 110,000SQ FT FACTORY FOR HOME DÉCOR, 31st May 2012, 0:16 AM