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THE NEXT PHASE – SPECULATIVE DEVELOPMENT

Up to £1.466m of European Regional Development Funding (ERDF) has been secured to build new, high quality employment space at the Kingmoor Park Enterprise Zone, Carlisle.
Development plots N & R at Kingmoor Park Central, will be home to a development of up to 19 new build business units that will be available to small and medium sized enterprises and will support business growth in Carlisle and across north Cumbria.

Leader of Carlisle City Council, Cllr Colin Glover, said: “This investment is excellent news for the city. I’m delighted that Kingmoor Park Properties are continuing to work towards meeting the needs of small and medium sized enterprises active in the Carlisle area and beyond. The development at Kingmoor Park Central will create job opportunities for the residents of Carlisle and those in the surrounding area, which will not only enhance wellbeing but will also, contribute to the economy.”

Kingmoor Park is recognised as the premier Business Park location within Carlisle and indeed Cumbria, comprising over 2,000,000 square feet of existing buildings set within 400 acres of landscaped grounds, offering a range of development opportunities. Kingmoor Park is situated approximately 2.5 miles north of Carlisle city centre and has ready access to M6 via J44. Carlisle’s Northern Development Route A689 (W), an important western bypass for the City carrying 15,000 + vehicles per day, runs through the Park.

Enterprise Zone status has been confirmed on Kingmoor Park, which means a simplified planning regime, superfast broadband and business rates being retained locally. Specifically, qualifying businesses locating to Kingmoor Park Central where the new scheme will be constructed will benefit from rate discounts of up to £275,000 per business over 5 years.

Richard Percival, Director of commercial property consultants Carigiet Cowen who are the agents dealing with marketing the scheme says “This development will provide a much needed range of units from 1,550sqft – 4,500 sqft to support the demand for high quality, flexibly sized employment space that is not currently available elsewhere in the Carlisle area.
Over the course of the last 3-6 months I have let or agreed terms to let 6 units of between 3,000sqft – 4,000 sqft at Kingmoor Park in addition to securing a number of sub 6,000 sqft lettings elsewhere in Carlisle”
Richard adds, “ There certainly seems to be demand for modern, good quality space and not only will these new units be constructed to a very high BREEAM standard they will also benefit from the financial incentives associated with being located in the Kingmoor Enterprise Zone where qualifying occupiers will receive benefits of up to 5 years Rates Free.
Ross Nicolson Chief Executive of Kingmoor Park Properties “When we start construction later this summer it will be one of the first speculative industrial developments in Cumbria since the credit crunch. We have been considering schemes on both of these development plots for a number of years, although Kingmoor Park Properties have a proven track record for delivering employment space we have been unable to progress our plans in part due to the lack of finance available to SME businesses in the current economic climate.
We are therefore very grateful to the Department for Communities and Local Government for providing grant assistance via the European Regional Development Fund. This funding, along with significant investment from Kingmoor Park Properties ourselves will now enable this development to proceed which we firmly believe will bring both significant economic and employment benefits to Carlisle.”
The development will aim to support SME formation and existing SMEs looking to stay in the area that might otherwise struggle to find quality business space. We are keen to support the inward migration of new entrepreneurs to the area. The project will create new space which exceeds current environmental standards, allowing SMEs to enjoy energy efficiency savings and meet customer expectations/ requirements for supply chain carbon reduction”
Richard Percival concludes by stating “I have been instructed by Kingmoor Park Properties to offer the units on both a To Let and For Sale basis. I expect to be in a position to provide full marketing details together with quoting rentals/ sale prices during the course of the next month or so, along with an anticipated timescale for the delivery of the completed units.
Elsewhere at Kingmoor Park, Richard is currently marketing a number of existing industrial/ warehouse units ranging in size from 7,500 sqft to in-excess of 60,000 sqft. Planning permission is also in place for a single “Big Shed” totalling over 300,000 sqft.

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