Pension fund deal for major logistics site could support 450 jobs
Up to 450 jobs could be created at a Rochdale business park following a deal to secure development funding.
The Greater Manchester Pension Fund (GMPF) has made the undisclosed investment into Kingsway Business Park, an established logistics park of more than 420 acres situated next to junction 21 of the M62 motorway.
It means the scheme can now be progressed to service the exceptional levels of demand which are being experienced in Rochdale and the wider North West region.
The project will deliver 287,000 sq ft of high quality warehouse space across three units, ranging between 47,022 and 165,302 sq ft, constructed to an institutional standard and ready for occupation in summer 2023.
Henry Henson, development manager, Wilson Bowden, said: “We are pleased to once again be partnering with GMPF to deliver the latest high quality, Grade A speculative units at our flagship Kingsway Business Park development, following the delivery of the Monarch 330 scheme last year. Our ongoing speculative development roll-out across Kingsway is testament to the site’s unrivalled location and the continued strength of the occupier market.
“Our appointed main contractor, Glencar, is already making excellent progress on site and we look forward to handing over all three units to GMPF this summer.”
Cllr Gerald Cooney, chair of GMPF, said: “The investment will create much needed space and will provide a boost to the local economy, whilst also offering a strong risk adjusted return for the pension fund.”
The scheme is set to be delivered to BREAAM ‘Very Good’ status and the development has already generated strong occupational interest from businesses in the distribution, retail and light manufacturing sectors.
JLL provided funding advice to Wilson Bowden and Avison Young, as retained advisor to the GMPF. Both agents are retained letting agents on the scheme.