R-evolution marks next stage of AMP developmentPublished Tuesday, 11th March 2014
The next phase of development at the Advanced Manufacturing Park (AMP) has been confirmed with the purchase of the first part of the "R-evolution At The AMP" scheme by the Council.
The 100,000 sq ft of industrial units on seven acres of land at the AMP in Rotherham marks the first set of speculative development on the park since completion of the Evolution units in autumn 2008.
Paul Woodcock, Director of Planning, Regeneration and Culture for the Council said: "The Advanced Manufacturing Park is synonymous globally with cutting edge expertise in advanced manufacturing technology, and as a result there is strong demand from high quality manufacturing businesses, who want to join the world-class companies already located here in Rotherham.
"The R-evolution project will provide opportunities for these businesses to grow at the AMP, further enhancing the reputation of the park and benefiting Rotherham through the creation of more high quality jobs and investment into the borough."
The deal with Harworth Estates, the UK property regeneration company, is the first speculative industrial development in Yorkshire for six years. In two separate transactions Harworth has completed a forward-purchase agreement for the first phase of the development with the Council for £4.3 million and secured a £2.7 million loan from the Sheffield City Region Joint European Support for Sustainable Investment in City Areas (JESSICA) Fund.
The agreement will involve the Council taking ownership of R-evolution's first phase when it is completed in October 2014. Harworth will be responsible for the delivery and the leasing of the development.
The money from Sheffield City Region's JESSICA Fund, which was set up to support infrastructure and real estate investment opportunities across the region, will pay for infrastructure works and the construction of new manufacturing units at R-evolution.
Owen Michaelson, Chief Executive of Harworth Estates, said: "We will deliver a first-class development for the Council. In a region where the availability of equivalent-quality stock is reducing, we expect to attract top-quality tenants, which will allow Rotherham to benefit from secure, long-term rental income from the development."
Chris Scholey, Local Enterprise Partnership Board (LEP) member and Chair of the Sheffield City Region Enterprise Zone Governance Board, said "The LEP welcomes the news that Harworth Estates and Rotherham Council are progressing quickly with plans for R-evolution at The AMP, which is part of the Sheffield City Region Enterprise Zone.
"It is easy to see why the Advanced Manufacturing Park (AMP) is so attractive to investors, with the likes of Rolls-Royce and Sheffield University rapidly expanding their operations. The tax incentives that Enterprise Zone status brings make the Sheffield City Region incredibly attractive, and R-evolution will help to ensure that international investors can set up quickly and easily."
The Advanced Manufacturing Park is the UK's premier advanced manufacturing technology park. Businesses on the park already provide world-class technology solutions for use in precision industries, including aerospace, defence, construction, automotive, sport and others.
It is home to world-class organisation such as University of Sheffield's AMRC, Rolls-Royce, Castings Technology International (CTI), Sandvik Coromant and TWI. The park still has four further development phases comprising over 68 acres available for a variety of employment uses, all of it benefiting from Enterprise Zone status.
The AMP is located at Harworth's Waverley site, which is being transformed into Yorkshire's largest-ever mixed-use development. The 740-acre development includes a new community of 4,000 homes along with shops, restaurants, schools, leisure and community facilities and parks.