Over £4m of investment at an East Yorkshire business park has helped create 100 new jobs.
Property investment company Avon Capital Estates took a risk when it decided to invest £4.5m in the Larsen Trade Park in Goole, over a period of three years.
The gamble has however paid off, and what was once a business park “in need of significant investment” has now become a centre of growth.
Larsen Trade Park is today almost three-quarters full, with big-name business tenants including Jewson Builders’ Merchants, Parts Alliance Group and Phoenix Signs.
The investment has helped create between 80 and 100 new jobs in Goole.
Ashley Whittome, co-founder at Avon Capital Estates, said: “We took a degree of calculated risk on the project.
“The estate was in need of significant investment, had a very poor weighted average unexpired lease term and was soon to experience a significant increase in vacancy.
“It has taken a great deal of work to get Larsen Trade Park right and we still have a lot to do but we’re pleased with progress so far.
“If another acquisition likes this came up in the future, it’s the type of project we'd be very interested in. We believe the Hull and Humber region has a bright future.”
A regional builder’s merchant recently opened at the site, joining two national builder’s merchants, and businesses ranging from the automotive to food sectors already trade there.
Goole has seen a string of major investment announcements in recent months.
Siemens has had early plans approved for its £200m rail factory in the town , and FTSE 100 chemicals producer Croda is also building a new £7m distribution warehouse on the edge of Goole.
Mr Whittome said Goole’s location – with access to the docks and the M62 – had played a major role in the town’s recent business success.
He said: “Without doubt, Goole’s main positive is its location because it is ideally placed for a wide variety of trade and manufacturing businesses.
“It’s great to see that Siemens and other big names like Croda, Howdens, XPO Logistics and Cemex have chosen to make it their home. It’s a strong, quality, affordable location which offers value for money for our customers.
“From our perspective, the arrival of Siemens and Croda next door to our estate and other big names in the immediate area is a further positive and will drive future economic growth and job creation. It also reinforces our belief in the advantages of this location.
“At the same time, it’s no surprise to us – we chose Goole because we expect it to grow.”
Since its launch in 2002, Avon Capital Estates has seen its portfolio grow to include 27 UK industrial or business park estates or properties comprising more than 1.5 million square feet of lettable space.
