News & insight

Westwood Yarns sale sets site up for a new lease of life

Marketing / 20 Dec, 16

The former Westwood Yarns site in Holmfirth is set to be transformed into a vibrant community and workplace after being successfully sold to West Yorkshire based property developers, Prospect Estates.

Prospect Estates has plans to construct 50 residential units, as well as converting the historic mill into 12 apartments, and also transforming the Millpond building into a hotel and restaurant. Part of the office and workshop accommodation will be leased by the Oil Can Café and IK Classic Cars, both of which are relocating from the Carding Shed, retaining local companies and safeguarding jobs in Holmfirth.

Our Manchester office was appointed by administrators KPMG to market the site in March 2016. The property provides 168,551 sq ft of production workshops, offices and ancillary space set in an 8.54 acre site. The successful sale of the property follows the announcement earlier this year that our auctions team had sold the majority of machinery and assets at auction, raising approximately £1 million.

Commenting on the plans for the site, Rob Cooke, regional acquisitions manager for Prospect Estates, said: “This is a historic and important site and we are keen to preserve as much of the original character of the mill as possible, whilst also attracting jobs and new residents to the area.

“The mixed use scheme we are proposing will retain around a third of the original floorplate, including the Millpond building and the Northern Lights workshops. We hope to begin work on site in early 2017, subject to planning permission.”

The sale of the former Westwood Yarns site to Prospect Estates was arranged by David Murray and Craig Watson from our Asset Advisory team.

Commenting on the sale, Craig Watson, associate partner in our Manchester office, said: “We received a significant level of interest in the site from a variety of regional and national investors and developers and we are very pleased to have successfully secured a sale on behalf of the administrators. Prospect Estates’ plans to redevelop the site will bring jobs and investment to Holmfirth, and we are confident that this will be a very successful venture that will provide a significant boost to the town.”

Topics: News

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