Investment firm Harbert Management Corporation has started the speculative development of two warehouse and distribution units totalling 212,830 sq ft at Heywood Distribution Park in Rochdale.
The park, which is managed by CBRE Asset Services, comprises 1.8m sq ft industrial space across nearly 200 acres.
Russells Construction has been appointed to build two units of 67,510 sq ft and 145,320 sq ft, which are due for completion in March 2016.
JLL, Savills and B8 Real Estate are joint agents at the business park.
Huw Davies, head of asset management at Harbert, said: “We have enjoyed a very successful period at Heywood, letting more than 600,000 sq ft of distribution space within the last 18 months, which has demonstrated the strong demand in the area.
“Although many developers continue to talk about speculative development, we are aware there is nowhere near enough good quality stock available to satisfy demand and the time is right to bring these two units to the market. We are already in discussions with a number of occupiers, which bodes well for the future success of the scheme.”