A £6.3m expansion to Vantage Riverside Business Park in Sheffield is set to go ahead following agreement between developers EV Waddington Ltd and The Department for Communities and Local Government.
The agreement gives the green light to create an 110,000 sq ft expansion that will provide new high quality employment space for SME occupiers following £1.9m investment grant being approved from the European Regional Development Fund (ERDF) managed by the Department for Communities and Local Government.
Phase 2 will provide a total 15 units of mixed sizes from 4,785 to 9,565 sq ft and provide much needed capacity for industrial and manufacturing growth on this popular site within Sheffield, situated close to junction 34 of the M1 motorway.
Work is due to begin this month with the first units ready for occupation in July with a further two buildings starting in October.
Sir Nigel Knowles, Chair of Sheffield City Region Local Enterprise Partnership, said: “The project forms part of the Local Enterprise Partnership’s drive to increase inward investment and private sector jobs.
“In order to support our existing companies to expand and attract new companies to locate in the City Region, having the right commercial property offer is essential. The development is very good news and will help bolster the attractiveness of this strategically important area within the Advanced Manufacturing Innovation District.
“The role of ERDF has been crucial in providing funding for this speculative scheme to enable it to progress and support the wider regeneration of City Region.”
Phase one of Vantage Park in Tinsley, which is now fully occupied, was completed in late 2015 by Rotherham property company and investor E V Waddington Limited thanks to £1m investment grant from the ERDF.
The 70,000 sq ft park, which includes occupiers such as Ventilation Direct, Maxwell Chocolates and M J Wilson, has proved popular with tenants.
Rebecca Schofield, partner at the Sheffield office of Knight Frank, which acted for E V Waddington and helped provide market advice to secure the ERDF grant, said: “The development is the second phase of the successful Vantage Park which has grown into an established commercial location.
“This type of modern industrial unit is exactly what is needed in the area and the success of the first phase shows that speculative development is worth doing here and businesses see the value of being located in Tinsley with its outstanding motorway links.
“The units, which will be available individually, or can be combined to accommodate larger requirements, are suitable for manufacturing, industrial and warehouse use.”
The fully insulated units are available to let at £4.75 per sq ft pa and boast 6.5m eaves, connections to all mains services, fitted offices and very good BREEAM rating for reduced energy consumption and low running costs.
Both phases of the Vantage Park development have been part financed by the ERDF as part of the European Structural and Investment Funds Growth Programme 2007-2013 and 2014-2020.
ERDF funding was secured for both phases on EV Waddington’s behalf by Paul Mercer of HERA Regeneration.
The aim of the European Regional Development Fund is to help local areas stimulate their economic development by investing in projects which will support innovation, business investment and growth, employment creation and support for local community regeneration.
As well as Vantage Park, E V Waddington Limited has already developed Shortwood and Aldwarke Business Parks and Chesterton Court in Rotherham.