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Friday, March 07, 2024

Opus Land complete refurbishment of Teesside factory site

Work has been completed on a 2.3million refurbishment of the former MFI factory site on Teesside.

Yorkshire-based developers Opus Land have renamed the 360,000 sq ft site Opus Park and have transformed it into a modern, industrial/warehouse complex with unit sizes ranging from 9,300 sq ft to 150,000 sq ft. It is situated in the heart of Stockton's Preston Farm Industrial Estate and is now ready for occupation.

Unit 1A, comprising 30,000 sq ft, has already been sold to Hull-based developers Osprey for 1.25 million. The tenants are MKM Builders. Two further buildings are under offer with strong interest been shown in the remainder of the site.

Opus Land, one of the fastest-growing development and investment companies in the country, bought the 16.5-acre site adjacent to the A66 in September 2006 after MFI announced that it was to close its Stockton factory.

Director Andrew Duncan said: "We are delighted that work has now been completed and the swift sale of Unit 1A is a ringing endorsement of the quality of the development. We have spent 2.3 million on Opus Park, creating 11 high-spec, high-quality units for lease or sale - individually or in multiples to suite occupiers - as well as re-cladding and generally refurbishing the site.

"This has transformed the old MFI factory into a modern industrial and warehousing complex for the 21st century".

Mr Duncan said: "Opus Park is superbly located in the Tees Valley with excellent access to the national motorway network from the A66. It is also close to Durham Tees Valley Airport and Teesport. It suits modern manufacturing and warehousing companies perfectly."

Opus Park is one of the largest available manufacturing sites in the North-East this year and Opus Land is confident the site will continue to prove extremely popular.

Mr Duncan said: "We are in discussions with a number of potential occupiers ranging from 10,000 to 15,000 sq ft right up to 150,000 sq ft. Two deals are now in the hands of solicitors and we expect others to follow."

Jonathan Simpson, at Sanderson Weatherall's Teesside office, said: We are pleased with the interest we are receiving in the scheme, bearing in mind the refurbishment has only just been completed.

"Buildings of this size, nature and prominence very rarely become available in the Teesside area, particularly offering occupiers the chance to purchase. Industrial/ and warehousing opportunities are very limited on Preston Farm and it is relatively unlikely that further opportunities will become available in the foreseeable future," he added.