Forward funding deal for 200,000 sq ft Rochdale sheds
Cabot Properties will put up the cash to build two industrial units at Kingsway Business Park.
Glencar Construction is building scheme, which comprises an 87,000 sq ft unit and another spanning 116,500 sq ft and was designed by DLA Architecture.
The Kingsway Partnership – a joint venture between Wilson Bowden Developments, Rochdale Development Agency, Rochdale Council, and Homes England – expects the project to complete by the end of 2024.
Henry Henson, commercial development Manager at Wilson Bowden, added: “We are thrilled to partner with Cabot Properties in delivering further high-quality, Grade A speculative units at our flagship Kingsway Business Park development.
“The ongoing development rollout emphasizes the site’s unmatched location on the M62 and the robust occupier market.”
Cabot’s Rochdale deal comes not long after another North West transaction. Last April, the US firm bought three fully let units from Wain Estates at Carrington Gateway totalling 167,000 sq ft.
Michael Williams, director at Cabot Properties, said: “We are very pleased to have closed this off-market development funding, partnering with Wilson Bowden Developments to deliver high-quality industrial stock into the Greater Manchester region.”
B8 Real Estate advised Cabot Properties and has been retained as leasing agent. JLL acted for Wilson Bowden. The value of the transaction was not disclosed.
Other occupiers at Kingsway Business Park include Asda, JD Sports, Amazon, Danish Crown, E-on UK, and Dachser.