Work set to start on £16.5m speculative build industrial space later this year
Developer Chancerygate has secured planning to speculatively build 140,000 sq ft of industrial space with a gross development value (GDV) of approximately £16.5m in Oldham, Greater Manchester.
The development represents the second phase of the company’s Satellite Park scheme and will comprise 14 units ranging from 3,900 sq ft to 35,000 sq ft.
Set to create more than 250 jobs, the development is located within one mile of junction 21 of the M60 and construction is anticipated to begin later this year.
Satellite Park’s first phase saw Chancerygate deliver a new 60,000 sq ft parcel distribution hub for logistics provider DPD.
In addition, an existing 17,000 sq ft unit was refurbished and let to plumbing supplies business, Williams & Co.
Chancerygate has redesigned the original planning application for phase two to address the limited supply of high-quality small to medium-sized industrial units in North Manchester.
Mike Walker, Chancerygate development director and head of the company’s Warrington office, said: “We are very pleased to secure consent for this scheme, which will address the lack of supply of modern high-quality units in North Manchester and will meet the demand from occupiers looking to serve Manchester city centre and the Northern areas of the M60.
“Parcel delivery companies, online retailers and a number of manufacturers are extremely busy in the current climate, and we anticipate this trend will extend into the long term. We will, therefore, monitor the market to assess when is the correct time to commence development, which we hope will be later this year.”
Founded 25 years ago, Chancerygate says it is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide.
The company has offices in London, Warrington, Birmingham and Milton Keynes and currently has up to 2.9 million sq ft of industrial space under construction or ready for development across 24 sites.
Joint agents on the scheme are B8 and CBRE