Royal London Asset Management has completed the first phase in the redevelopment of the 50-acre former BAE Systems site at Greengate, Chadderton in north Manchester.
A refurbished 330,000 sq ft warehouse is the first element to be delivered at Satellite Park since RLAM acquired the site in 2004 and began the £60m scheme in conjunction with development manager Industrial Securities.
RLAM has consent to build 1m sq ft at Satellite Park and the second phase has already received detailed planning consent for 115,000 sq ft of manufacturing, warehouse and trade counter units together with seven standalone office units fronting Greengate.
Phase three, comprising an office campus, health club and fast food outlet, is the subject of a detailed planning application that it is hoped will receive formal consent shortly.
BAE Systems continue to occupy part of Satellite Park and has remained in occupation as the building works have taken place around them.
The site is midway between Junctions 20 and 21 of the M60 orbital and two miles west of Oldham town centre.
Nigel Lax of Industrial Securities said: "Although the economic climate has changed significantly since this project was first conceived, we remain very encouraged by the level of interest shown in the first phase of development that provides an economic solution in terms of total occupancy costs to manufacturers and logistics companies that are facing some challenging times. We are able to provide flexible terms that undercut the new shed competition in the North West and the location offers many benefits from the perspective of employment and connectivity to the local and national transport infrastructure."
CBRE, GVA Grimley and M3 are joint letting agents for the scheme.