Standard Life Investments UK Property Fund is investing £18.5m in the speculative development of a 216,000 sq ft logistics unit at Kingsway Business Park in Rochdale.
Work on the development has already started at the park, which is located north of Manchester on junction 21 of the M62 and includes occupiers such as JD Sports, e-on UK and Asda.
The unit will include 15-metre eaves height and is due to complete in the second quarter of 2016.
Wilson Bowden is the development manager for the project in partnership with Rochdale Council who look after investment at Kingsway.
Nigel Chapman, fund manager of the Standard Life Investments UK Property Fund, said: “Kingsway Business Park is an exciting logistics location which has already secured a number of prime occupiers. This development will further enhance the park’s overall attractiveness and we are pleased with the interest that we have already received from potential occupiers.”
JLL, P3 and Gerald Eve are advising Standard Life Investments.