Pension fund finances speculative warehouse development
Greater Manchester Pension Fund has agreed to finance a 62,000ft² scheme being brought forward by developer Quorum in Altrincham.
The scheme includes two units on an existing mixed-use site fronting George Richards Way on the Broadheath estate.
Quorum originally bought the site from administrators and has achieved planning permission for a development of two detached units of 37,119ft² and 25,313ft².
B8 Real Estate advised Quorum on the deal and Avison Young advised GMPF.
Demolition has now been completed and Caddick Construction has begun work on site, with the development expected to complete in the autumn of 2023.
Andrew Slater of Quorum said: “The Broadheath estate is a key industrial location and home to some major businesses. The willingness to forward fund speculative developments such as this demonstrates confidence in the future of this location as an investment and employment area.”
Will Kenyon of B8 Real Estate, the joint letting agent along with Knight Frank and Avison Young, added: “This scheme will provide much-needed industrial stock into the mid box sector in South Manchester following the record levels of take-up in the region across all size ranges over the past few years.”
Source: logisticsmanager.com