A prime industrial unit at Keighley's £12 million Airedale Park industrial development has been sold for £1.4 million.

Fourfold Mouldings, an injection moulding company formerly based in Silsden, has bought the 34,500 sq ft industrial unit from Ilkley developers Opus Land.

Opus Land had bought the 17 acres of development land from Magnet on the furniture maker's site in Royd Ings Avenue and transformed it to provide six refurbished industrial warehouse units.

The units, which range from 9,750 sq ft to 125,000 sq ft, are all available for sale or letting. They are now ready for occupation.

Andrew Duncan, a director of Opus Land, commented: "There has been huge interest in Airedale Park since we began renovation work last year and we are delighted to have completed our first deal.

"We are flexible on leasehold and freehold terms, and this deal, which works out at £45 per sq ft, represents good value for all parties."

He added: "Of the other five units, two are under offer and one is going thorough the legal process, so we will have some more positive news to announce soon. The success of Airedale Park is a tremendous shot in the arm for the economy of Keighley and will ultimately provide hundreds of jobs for the town."

Mike Atkinson, of Leeds-based letting agents BHT, commented: "The first transaction on this vibrant business park will prove a catalyst for further deals. This sale shows that the freehold industrial market in this area is thriving in West Yorkshire, spurred on by low interest rates and the growing trend to buy property as a pension provision."

Martin Wilson, managing director of Fourfold, said: "This spacious unit is perfect for us.

"We had outgrown our premises in Silsden and, bearing in mind the need to keep our 50-plus skilled workforce, it was wonderful to find a suitable state-of-the-art unit nearby."

The Airedale Park development is funded through the Palmer Capital Development Fund, an in-house fund of Palmer Capital Partners, who are investors in Opus Land. This is the first of four Opus project in this fund.

Andrew Duncan explained: "We have always been confident about this project. Royd Ings Avenue, close to the town centre on the banks of the River Aire, is a superb location, and is home to household names like B&Q, MFI, Megabowl and Ponden Mill.

"The range of the sizes of the units means they suit a variety of uses from light industrial to warehousing. All are fully serviced with extensive yard and parking areas, providing an attractive all-round package. Units are still available to let or buy."

Mr Duncan added: "It is great to see a proud and historic West Yorkshire town like Keighley undergoing an economic renaissance. We are proud that Airedale Park is contributing to this renaissance."

Opus Land, which was launched in 1999 by Andrew Duncan and Richard Smith, has already established an impressive track record as an investment and development property company. With backing from Palmer Capital Partners, Opus concentrates on development opportunities throughout the United Kingdom from its offices in Ilkley in West Yorkshire, London and the West Midlands.

Development and investment projects undertaken include Phoenix House in Bradford, Embassy House in Bristol, the Hub in Birmingham and High Royds (the former listed hospital) in Menston. The company's current portfolio is worth in excess of £300 million

The agents for Airedale Park are the Leeds office of Kings Sturge, Gent Visick and BHT.