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Multi-million pound redevelopment for former Magnet site in Keighley
Updated 8:08am Thursday 10th July 2014 in Keighley
THE MULTI-million pound second phase of redeveloping former industrial land in Keighley – creating several hundred jobs – has been announced.
The disused ex-Magnet factory in Royd Ings Avenue will be transformed into the Riverside Business Park.
Up to seven new units will be created at the former joinery for industrial, warehousing and distribution use.
Fifty jobs will be created during the seven-month construction period and up to 250 people are expected to be employed by firms which move into the units.
Some of the existing 360,000 sq ft of buildings at the site will be demolished to make way for 260,000 sq ft of prime industrial property.
Work will begin on site this September and is expected to be complete by April next year. Two units have already been sold.
The project was announced this week by Bradford law firm Gordons, which advised Ilkley-based Turner Developments on buying the former Magnet site, and continues to work on developing, sales and lettings.
Turner Developments was also advised on the acquisition by Mike Atkinson of Leeds-based land and property consultancy, Atkinson Associates.
The two companies advised Turner Developments in 2011 on phase one of the project, when the company bought the former headquarters of national home furnishings retailer Ponden Mill, also in Royd Ings Avenue, opposite the Magnet site.
Turner Developments built Aireside Business Park on the eight-acre site and all seven units are fully occupied and together employing around 200 people.
Turner Developments managing director, James Turner, said: “The success of Aireside Business Park has shown that there is very strong demand for high quality industrial property in the Aire Valley.
“Acquiring this major new site enables us to build upon our success and continue to revitalise the area.”
Gordons commercial property partner Paul Young, who leads the firm’s Turner Developments team, said: "The level of investment that Turner Developments has put into the Aire Valley is significant, so it is hugely pleasing to see the success of Aireside Business Park and the pre-sales at Riverside Business Park.
“This is a real confidence boost for the area and we are proud to be part of it.”
Successful law firm Gordons has offices in Leeds, Bradford and London, employs 265 people and has a turnover of more than £25.3 million.