Keyland sells 50 pc stake in major Yorkshire logistics site to Harworth Estates

Keyland Developments has sold its 50 per cent stake in a 165-acre logistics site to Harworth Estates.

Aerial view of Temple Green in Leeds

Keyland, the property business of Kelda Group and a sister company of Yorkshire Water, has sold its share in The Aire Valley Land, which is behind the Temple Green logistics hub in the Leeds City Region Enterprise Zone.

The deal sees regeneration firm Harworth Estates, owned by Harworth Group, go into partnership with Evans Property Group.

Sign up to our Business newsletter

Sign up to our Business newsletter

Temple Green has planning permission in place for 2.64m sq ft of commercial space at junction 45 of the M1. It is currently undergoing a £9.1m infrastructure programme.

Keyland’s business model focuses on bringing sites to market to enable regeneration. It cited buoyant market conditions and the site’s imminent development-ready status as reasons to sell its interests.

The firm is growing its portfolio beyond redundant Yorkshire Water land to include other landowners in the north of England. It has confirmed its first planning promotional agreements with two separate sites in West Yorkshire, which could bring about the development of 240 new homes.

The team also recently secured planning permission for 180,000 sq ft of industrial development across three sites in Huddersfield and Doncaster. Keyland plans to unlock 10 industrial sites in the next three years.

Peter Garrett, managing director, said; “The industrial sector both regionally and across the country is really gaining momentum and both investor and occupier appetite is strong.”

Ian Ball, director of asset management at Harworth Estates, added: “(This deal) firmly establishes our foothold in the West Yorkshire property market.”