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Friday, June 19, 2023

Landmark Castlevale LLP receives planning permission for Wakefield development

Yorkshire joint venture company, Landmark Castlevale LLP has received planning permission for a multi-million pound mixed-use development at Langthwaite Grange Industrial Estate in South Kirby, Wakefield. The approval given by Wakefield Metropolitan District Council gives the go ahead for essential development of 32 acres of land.

This will form the second phase of development at the business park and includes 27 acres of employment land supported by five acres of residential development. The development will provide a mix of starter units ranging from 750 sq ft to 2,500 sq ft as well as design and build opportunities. A purchase option will be available for companies wishing to invest in their own business premises that come with office space, yards and parking facilities.

Richard Morton, Director of Landmark Castlevale LLP comments: "We are delighted to receive this approval which will deliver against a current gap in the market for high quality industrial/distribution accommodation that does not command excessive rents due to overlooking the motorway. Our alternative for the second phase at Langthwaite Grange includes improving the highway access and service infrastructure making the A1 easily accessible to occupiers but without the crippling cost."

Landmark Castlevale LLP is currently finalising the Section 106 Agreement and hopes to start on site with preparatory works before the end of the year.

A residential element was introduced to the mixed-use application to generate sufficient income to cross-subsidise the employment development. It also enables Landmark Castlevale LLP to provide new public roads and improve the services infrastructure to the site.

Owen Holder from Knight Frank in Leeds, appointed agents to market the development alongside Carter Towler, comments: "In comparison to other sectors of the market the land value of traditional industrial sites next to the motorway networks has remained reasonably steady. This is due to the fact that land usually earmarked for industrial and distribution uses has been developed as out of town office and retail parks. At its peak this land was valued at anything up to 400,000 per acre. The knock on effect of this is that smaller local businesses have been priced out of the market.

"Langthwaite Grange is situated between the M1 and A1 with access via good A-road networks; however, the land values here are almost half. This planning approval means there is the opportunity for smaller local businesses to operate efficiently out of new purpose built premises."