Funding deal clears path for spec Altrincham industrial
Greater Manchester Pension Fund will forward fund Quorum’s 62,000 sq ft scheme in Broadheath, paving the way for work to start on site.
Demolition of the existing buildings at the former Cartwright Trailer Company site off George Richards Way is complete.
Caddick Construction has now begun work in earnest and is expected to wrap up in August.
Designed by Aew Architects, the industrial development comprises two units. The first of the proposed buildings would offer 37,000 sq ft of space, including room for offices and a mezzanine. The second would be 25,000 sq ft.
Andrew Slater, director at Quorum, said: “The willingness to forward fund speculative developments such as this demonstrates confidence in the future of this location as an investment and employment area.
“We are delighted to have GMPF as a partner supporting us in the delivery of such a great scheme.”
B8 Real Estate advised Quorum on the funding deal and Avison Young advised GMPF. The value of the forward funding deal was undisclosed.
Will Kenyon, part of the industrial team at B8 Real Estate, 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.
“We look forward to securing strong rental levels for the units with good interest from the outset.”
B8 Real Estate, Avison Young and Knight Frank have been appointed as joint lettings agents.
