Opus Land has been reaping the benefits of a £2.3 million refurbishment of the former MFI factory site on Teesside.
Yorkshire-based developer Opus Land has renamed the 360,000 sq ft site Opus Park and transformed it into a modern warehouse complex with unit sizes ranging from 9,300 sq ft to 150,000 sq ft.
Unit 1A, comprising 30,000 sq ft, has already been sold to Hull-based developer Osprey for £1.25 million. The tenant is MKM Builders. Two further buildings are under offer with strong interest being shown in the remainder of the site.
Opus Land 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 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. And 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.”
Opus Park is located in the Tees Valley with access to the national motorway network from the A66.
It is also close to Teesport.
Letting agent Jonathan Simpson of Sanderson Weatherall said: “Buildings of this size, nature and prominence very rarely become available in the Teesside area, particularly offering occupiers the chance to purchase. Industrial/ warehousing opportunities are very limited on Preston Farm and it is relatively unlikely that opportunities will become available in the foreseeable future.”