Pension fund forward funding enables start of work on Altrincham industrial scheme
A speculative industrial scheme in Altrincham is going ahead after forward funding for South Manchester developer, Quorum, from Greater Manchester Pension Fund (GMPF).
The scheme totals more than 62,000 sq ft of space in two units on an existing mixed use site fronting George Richards Way, which, along with Atlantic Street, is one of the main spine roads running through the Broadheath estate.
B8 Real Estate advised Quorum on the deal and Avison Young advised GMPF.
Quorum originally bought the site from administrators and has achieved planning permission for a high quality development of two detached units of 37,119 sq ft and 25,313 sq ft.
B8 Real Estate, Avison Young and Knight Frank have been appointed as joint lettings agents.
Demolition has now been completed and Caddick Construction has begun work on site, with the development expected to complete in autumn 2023.
This Broadheath area of Altrincham is a significant commercial location, not only serving the local area but a large part of the south Manchester market including Manchester Airport.
Land and building supply is extremely restricted and, as such, it is expected this estate, along with a number of other new developments in the immediate area, will help service an ever increasing demand.
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.”
Will Kenyon, of B8 Real Estate, who is the joint letting agent along with Knight Frank and Avison Young, said: “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.
“We look forward to securing strong rental levels for the units with good interest from the outset.”