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

Published on: 20th December 2016

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.”

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Former Westwood Yarns machinery sold at auction for over £1million

Textile machinery and other assets at the former Westwood Yarns site in Holmfirth have been sold, fetching over £1 million in total in an online auction. The sale was managed by our machinery and business assets team in Manchester, who were appointed by administrators KPMG in December last year. The online auction comprised over 560 lots, and attracted interest from more than 200 registered buyers from as far afield as Turkey, Russia, India, Denmark, Italy and France.

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Textile machinery and other assets at the former Westwood Yarns site in Holmfirth have been sold, fetching over £1 million in total in an online auction.

The sale was managed by our machinery and business assets team in Manchester, who were appointed by administrators KPMG in December last year. The online auction comprised over 560 lots, and attracted interest from more than 200 registered buyers from as far afield as Turkey, Russia, India, Denmark, Italy and France.

[fulltext] =>

Commenting on the successful sale of the machinery, John Noon, senior manager at KPMG, said: "This is a pleasing result for the creditors of Westwood Yarns. Sanderson Weatherall's ability to connect with a wide range of interested buyers, both in the UK and overseas generated significant interest in the auction, strengthening the return available to creditors. Offers are still being received and considered for the property itself,."

Roy Tubman and Mark Lord, partners in our machinery and assets department, arranged the sale of the machinery and equipment. David Murray and Craig Watson, who work in our agency department in Manchester, are leading the property sale.

Westwood Yarns previously employed 130 people and produced specialist carpet yarns. The property comprises 168,551 sq ft including a mixture of production workshop, office and ancillary space set in an 8.54 acre site that would be suitable for redevelopment or conversion, subject to planning.

Commenting on the response to the auction, Roy Tubman said: "While the UK textile industry has declined in recent years, there is a robust trade overseas so assets of this quality are in high demand, as is shown by the significant amount raised at auction.

"At Sanderson Weatherall one of our strengths is our ability to offer multiple services under one roof, such as in this case where we are working alongside our colleagues in the property division to achieve the maximum possible return for Westwood Yarns' administrators."

Click here for the property listing.

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Asset Advisory

With one of the country’s largest dedicated teams of surveyors and valuers, we have more than 25 years of experience in the corporate recovery and turnaround sector providing specialist advice on property, plant and machinery assets and corporate recovery and restructuring. Our teams react swiftly and effectively to all forms of recovery situations, whether these involve one local entity or multiple locations spread across a wide geographic area. We offer a full service from confidential, initial pre-formal insolvency appraisal, through formal valuation, to realisation of the assets via private treaty, tender or auction sale. Our partner led team act regularly as Fixed Charge and Law of Property Act Receivers, in relation to both property and plant and equipment. Contact Us

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With one of the country’s largest dedicated teams of surveyors and valuers, we have more than 25 years of experience in the corporate recovery and turnaround sector providing specialist advice on property, plant and machinery assets and corporate recovery and restructuring.

Our teams react swiftly and effectively to all forms of recovery situations, whether these involve one local entity or multiple locations spread across a wide geographic area.

We offer a full service from confidential, initial pre-formal insolvency appraisal, through formal valuation, to realisation of the assets via private treaty, tender or auction sale.

Our partner led team act regularly as Fixed Charge and Law of Property Act Receivers, in relation to both property and plant and equipment.

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Agency - sales & lettings

Our award winning property agents provide transactional services across the UK to owners, occupiers, investors and developers. Our agency teams specialise in regions and industries around the country, providing local insight and technical knowledge that's relevant to your business, property and location. We add value by offering commercially astute advice, and alerting you to the opportunities and threats that might affect your transaction. We'll also work with our property and building consultants to advise you on planning, valuations, business rates, dilapidations, building surveys, lease and rent reviews, as well as talk to our in house architects about any fit-out requirements.   Contact Us

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Our award winning property agents provide transactional services across the UK to owners, occupiers, investors and developers.

Our agency teams specialise in regions and industries around the country, providing local insight and technical knowledge that's relevant to your business, property and location.

We add value by offering commercially astute advice, and alerting you to the opportunities and threats that might affect your transaction.

We'll also work with our property and building consultants to advise you on planning, valuations, business rates, dilapidations, building surveys, lease and rent reviews, as well as talk to our in house architects about any fit-out requirements.

 

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