Paloma Capital has secured planning permission to develop four new industrial/warehouse units, totalling 34,400 sq ft at the rebranded York North business park. This new addition offers design and build opportunities for units ranging from 4,000 to 15,400 sq ft, enhancing the site’s appeal as a key location for industrial operations in the region.
A strategic development at York North
Previously known as Green Park Business Centre, the 122,000 sq ft site was acquired by Paloma Capital in 2022. Following its acquisition, the site was rebranded as York North, reflecting a new phase of development. The business park is located on Goose Lane in Sutton-on-the-Forest, a location that boasts convenient access to York Outer Ring Road, just a ten-minute drive away, and close proximity to the well-established Clifton Moor area.
The new units represent an expansion of the site’s offerings and cater to the increasing demand for purpose-built industrial spaces in the region. Paloma Capital’s strategy focuses on investing in well-located sites that offer opportunities for growth in underserved markets, making York North a prime candidate for development.
Investment in site enhancements
In addition to the new build, Paloma Capital is making substantial investments to upgrade existing premises within York North. This includes the complete refurbishment of a stand-alone 12,500 sq ft unit, which will feature a secure yard and is now available to let. This effort underlines Paloma Capital’s commitment to enhancing the value of its assets through strategic improvements, ensuring that York North remains a competitive option for businesses seeking high-quality industrial space.
A growing hub for industrial operations
Jeremy Thiagarajah, Director for Asset Management and Investment at Paloma Capital, expressed his enthusiasm for the project, stating,
“We are delighted to secure planning approval to deliver four new industrial units at York North, expanding the proposition at this already well-established business hub with long-standing occupiers.”
He added,
“This site fits well with our acquisition strategy for investing in well-located sites in under-supplied areas. While we have already committed to a major refurbishment programme of existing accommodation, the provision of four new state-of-the-art units will help to fulfil current demand for purpose-designed, last-mile logistics space where occupiers can influence the design.”
Location and connectivity advantages
York North benefits from excellent regional connectivity. It is situated just five miles from the York Outer Ring Road at Clifton Moor, which provides direct access to the A59 and links to Junction 47 of the A1(M) and the wider motorway network. Additionally, York City Centre is a short 8.6-mile drive away, with convenient amenities available at nearby Clifton Moor and Monks Cross Shopping Park.
The strategic location of York North makes it an attractive option for businesses requiring easy access to major transport routes while still being within close reach of York’s urban centre.
A forward-thinking investment strategy
Paloma Capital, established in 2015 by founding partners Joe Froud and Jack Pitman, has built a reputation for its focused investment approach. The firm has raised approximately £640 million in discretionary capital from a global investor base, including Europe, the Middle East, and North America. This capital is directed towards niche UK investment strategies, often targeting smaller assets that present unique opportunities for value creation.
Paloma Capital’s hands-on approach to asset management is a cornerstone of its strategy. By focusing on multi-let assets and implementing well-executed business plans, the firm aims to unlock additional value in its investments. The development at York North is a testament to this approach, as it combines new construction with significant upgrades to existing facilities, ensuring the site meets the evolving needs of its tenants.
Partnering for success
The development at York North is being managed in partnership with the Leeds offices of Carter Towler and JLL, who are acting as the representing agents for the project. This collaboration underscores the importance of experienced partners in executing Paloma Capital’s vision for York North and ensuring the site’s success as a premier industrial location in the region.
The York North project is poised to significantly enhance the availability of modern, purpose-built industrial space in the area, meeting the demands of businesses looking for well-connected, high-quality facilities. As the development progresses, York North is expected to attract a range of new tenants, further cementing its role as a key industrial hub in the region.
