Standard Life Investments' Long Lease Fund is to forward fund the first phase of Ask Development's Townside development in Bury, Greater Manchester for £30m.
The AskBury joint venture between Ask Development and Bury Council is delivering a 50,000 sq ft primary care centre to be occupied on a 20-year lease by Bury Primary Care Trust and a 40,000 sq ft office to be occupied by Bury Council on a 25-year lease.
The start on site of the PCT building, designed by architects Hurd Rolland, and the office and 380 space multi-storey car park buildings designed by Carey Jones, is due to begin in spring this year.
In addition to the PCT and council accommodation, AskBury is currently negotiating two further pre-lets with a hotel operator for a 110-bedroom hotel, and an office occupier. Both buildings will total around 65,000 sq ft.
Richard Marshall, fund manager at Standard Life Investments, said: "The income streams from both the Primary Care Trust building and office space are government-backed and meet the criteria of the Long Lease Fund for investing in high quality property with blue chip tenants."
King Sturge acted for AskBury and Whitaker Horton represented Standard Life Investments' Long Lease Fund. Manchester law firm, Halliwells, advised AskBury on the development and sale agreements. Halliwells' team was headed by partner and head of real estate, Mike Edge and solicitor Philip Birchall. Addleshaw Goddard represented Standard Life Investments' Long Lease Fund.