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Interchange 26, an Opus North and Network Space Capital owned company, agrees forward funding deal at J26 M26

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Interchange 26 LLP, a company owned by one of our Operating Partners, Opus North, has completed on a forward funding deal with 4th Industrial (UK) LP for up to 213,000 sq ft of new industrial units at the Interchange 26 logistics and manufacturing hub in West Yorkshire. The new scheme has the potential to create some 300 new jobs for the region.

The forward funding commitment will see the delivery of three units at the prime logistics hub located at the major J26 intersection of the M62 Transpennine motorway and M606 Bradford link.

Reserved matters consent has recently been granted by Kirklees Council for a 64,500 sq ft unit and a 43,500 sq ft unit. A further planning application is under consideration for up to 105,000 sq ft, which forms the final phase of development.

GMI Construction has been appointed as contractor and work is scheduled to commence on site in early 2022 with delivery of the two consented units expected in late Summer 2022. Works on the final phase will commence once planning has been considered by Kirklees Council.

Interchange 26, an Opus North & Network Space Capital owned company, acquired the former water treatment works site on an unconditional basis in 2019 to facilitate the development of prime industrial accommodation and address the severe regional shortages. A comprehensive remediation and earthworks package has now been completed.

This latest deal follows on from Interchange 26’s 10.4 acre land sale in 2020 to British Airways Pension Trustees Limited and Tungsten Properties. Work is underway on Super B, a new big box warehouse, which is set for completion in Q3 2022.

Interchange 26 forms part of Opus North’s wider development strategy to enhance its £250m development programme with a focus on the logistics sector.

Ryan Unsworth, Development Director of Opus North, said; “This forward funding agreement will enable us to bring three much needed mid-box units to the severely constrained regional pipeline, fulfilling our vision for this strategic site. This development will go some way to addressing the supply and demand imbalance in South Bradford and North Kirklees, while facilitating new jobs for the wider region.”

4th Industrial is a commercial real estate company that invests in multi let and light industrial property and was founded by experienced industrial property specialist Derek Heathwood. As of January 2022, the 4th Industrial portfolio totals 2.15m SFT across 12 estates located in key industrial submarkets across the UK.

Interchange 26 LLP was represented by Dove Haigh Phillips and Knight Frank in the transaction while 4th Industrial represented themselves.