Carlisle-based Kingmoor Park Properties has sold the 12-acre Bridgewater Business Park to a development consortium that plans to build 230 affordable homes at the site.
The consortium, comprising Wigan-based MCI Developments and housing provider Your Housing Group, acquired the business park on West Bridgewater Street in Leigh for an undisclosed sum described by agents as “multi-million pound”.
The former British Insulated Callender’s Cables manufacturing facility, which is occupied and operating as a multi-let industrial estate, has outline planning permission for an affordable housing development on its northern fringes.
Under the plans, MCI intends to build out the 230-home scheme on behalf of Your Housing Group following the sale, which completed on 30 April. YHG will then rent out and manage the homes.
All apart from two of the existing buildings on the business park, which lie outside the planning boundary, are to be demolished. The current tenants were on short term leases and have all now secured alternative accommodation, according to a spokesperson for agency Matthews & Goodman, which advised Kingmoor Park Properties on the sale.
LM6 acted for the buyer.
Geoff Dallimore, commercial director at Kingmore, said: “This is a great result despite the current difficult economic climate… the site will now enjoy a new lease of life, helping the community which played such an important part throughout its own operational life.”
David Newman, partner at Matthews & Goodman, added: “Getting the deal across the line has not been without its challenges.
“However, we have secured an excellent result for all parties – especially for the people in Leigh who will soon have access to almost 230 affordable new homes.”