Property developer Harworth Group has been given the green light to build a 1.5 million sq ft industrial and logistics hub.
The London-listed developer secured a resolution to grant planning permission from North Yorkshire Council to create seven units on the Gascoigne Interchange in a move the firm said has the potential to deliver up to £190m in gross development value.
The brownfield site is situated in Selby, to the east of Leeds and adjacent to Sherburn Industrial Estate.
Lynda Shillaw, chief executive at Harworth, said: “Our development at Gascoigne Interchange is another example of Harworth’s unique ability to identify, acquire and transform brownfield sites to generate value, create jobs and increase investment in the region.
“This development complements our extensive pipeline of industrial and logistics sites and we continue to see high demand for high-specification strategically-connected grade A industrial space.”
Harworth Group made a return to profitability during the last financial year, reporting operating profits of £54.2m in 2023, up from £44.5m the year before, but still down on £121.9m in 2021.
The firm said it had developed 193,000 sq ft of industrial and logistics space during the period and had a remaining pipeline of 37.7m sqft as it described growth in market rents.
Shillaw said continued uncertainty in the market was likely to weigh on businesses for some time yet, particularly in the case of house buyer confidence.
Across the commercial market she said the drivers of demand were still intact though Harworth would focus on de-risking its activity by focusing on pre-let and build-to-suit opportunities, as well as land sales.