A £10m trade and retail park that will create around 300 jobs has moved a step closer.
Last year entrepreneur Andrew Ward kick-started the scheme with the seven-figure purchase of the former Kerry Foods factory on a 5.6-acre site near Durham Retail Park, with chartered surveyor Bradley Hall advising him on the deal.
Now Mr Ward, who is MD of £10m customised clothing specialist Workwear Express, has revealed more details behind the scheme, which will include 13 trade counter units ranging from 278 sq m to 990 sq m and providing 7,770 sq m of space in total. There has been a lot of initial interest and Kwik-Fit is in advanced negotiations to take one of the units.
The scheme will also include a McDonald’s drive-through off Dragon Lane, which will add an estimated £1.8m to the local economy and create around 80 new jobs.
There may also be scope to include a motor showroom, a children friendly restaurant/diner/pub and new premises for Workwear Express to move its 100 staff to the new site from its existing base on the Belmont Industrial Estate in County Durham.
There has been significant interest in the site, with a wide range of operators including cinemas, leisure operators, gyms and vets expressing a desire to be based there. The current scheme, however, appears to provide the right mix of space which the planners appear happy with.
It is hoped the Rennys Lane development will breathe new life into an area that was devastated by the closure of the Kerry Foods factory in 2012 – a move which resulted in around 350 job losses. Mr Ward is now seeking outline planning permission for the scheme from Durham County Council and a decision is expected within weeks.
A former market trader and keen property developer, Mr Ward said: “We hope that the council will recognise the value of this scheme, which will create much-needed jobs at a time when unemployment in the region is the highest in the country. If these plans get the go-ahead – and initial discussions have been encouraging – we hope to start construction almost immediately and complete phase one of the scheme by the end of the summer 2015 with phase two to follow shortly thereafter.
“This scheme has the potential to be one of the most vibrant business hubs in the North of England. It will certainly be the catalyst for expansion at Workwear and our target is to double turnover to £20m by 2018.”
Bradley Hall is currently acting on behalf of Mr Ward in negotiations on deals to bring prospective tenants to the site.
Peter Bartley, director at Bradley Hall, said: “Andrew is one of the most prominent entrepreneurs in the country with the vision to make schemes like this a reality. I have been amazed by the level of interest from national companies that want to set up a base on site, even though the units haven’t yet been formally put on the market. I think they can appreciate what a great opportunity the site represents as it’s ideally positioned in an established retail area and near main arterial routes including the A1(M), Newcastle International Airport and the East Coast Mainline.”
For further information, please visit www.bradleyhall.co.uk or call the Grey Street office on 0191 232 8080.