Yorkshire Forward wants to speed up development of its remaining 2,500-acre property portfolio by recruiting developers to share the risk.
The regional development agency plans to offer sites to developers prepared to build speculatively on Yorkshire Forward-owned land, to save “taxpayers’ money”.
The RDA’s input will be confined to helping to raise funds, attracting occupiers and assembling relocation packages.
The initiative, which will be launched at next week’s MIPIM conference in Cannes, follows last year’s sale of Yorkshire Forward’s developed property portfolio to Ashtenne Holdings for £53m.
The sale has left the RDA with a large portfolio of brownfield land, including several former coalfields, most of which it acquired from English Partnerships. The plan is the latest stage in Yorkshire Forward’s shift away from direct development, said Eileen Molloy, the RDA’s head of property development.
“We have been looking for an alternative to direct development,” said Molloy.
“By entering into joint venture arrangements with the region’s property developers, we are fulfilling our development obligations and delivering economic activity without using taxpayers’ money.”
Yorkshire Forward intends to draw up a development masterplan with economic activity targets and development milestones for each site.
These will include a specified level of speculative development.
Four sites have been identified for the first phase:
- Gateway Goole, a 190-acre (77ha) site adjacent to junction 36 of the M62 motorway and close to the Port of Goole. Part of the site is already under development.
- Europarc, 68 acres (27.5ha) of land close to the A180/M180 and the Port of Grimsby.
- Sherburn Enterprise Park, 89 acres (36ha) of land one mile from the M1 and six miles from the town of Selby
- Carnaby Industrial Estate, Bridlington, 8 acres (3.2ha) close to the seaside town and fishing port of Bridlington. Infrastructure work is under way
References: EGi News 03/03/03
