After buying the site in March 2018, AEW UK Core Property Fund has secured planning consent for a 12,000 sq ft industrial building at the industrial estate in Ashton-Under-Lyne.
The 1.16-acre site at Richmond Street currently houses dilapidated buildings, which will be demolished to make way for the scheme. Once complete, the one-storey building will be subdivided into seven independent units for light industrial uses.
According to AEW UKCPF, the redevelopment at Kayley Industrial Estate represents a £1.5m investment in the area and will bring new jobs to Ashton-Under-Lyne.
The site was bought by AEW UKCPF for £6.3m in March last year from Cording Real Estate Group. It is expected that work will commence in Q1 2020; Avison Young advised on the planning application.
Rachel May, a planner from Avison Young’s Manchester team, said: “We are really pleased to have secured planning approval for a site that will make a real difference to the town. Not only will it bring new jobs but because of its excellent location, it removes the necessity for people to drive to and from work which will be a bonus for many.”
DAY Architectural designed the scheme.