M&G Real Estate is to fund the construction of 400,000 sq ft of distribution space at Logistics North in Bolton.
The two logistics buildings, 225,031 sq ft and 175,087 sq ft, will be built by property regeneration firm Harworth Estates, next to Junction 4 of the M61.
Harworth owns and manages around 27,000 acres of land across 200 sites across the North of England and the Midlands.
Groundworks at the site started in September 2015 and construction is due to start in January 2016.
It’s the largest industrial development currently under construction in the North West of England.
David Crowley, Director, Logistics and Industrial at M&G Real Estate, comments: “There is a limited supply of grade ‘A’ warehouses of this size in the region, and with tenant demand remaining resilient and rental growth evident due to limited building supply, this investment provides us with access to prime, well-specified and located assets.
Phil Wilson, Executive Director of Harworth Estates, adds: “The strength of demand for high-quality logistics space in the North West has already led to Aldi, MBDA and Joy Global becoming occupiers on the development and we look forward to welcoming others in due course.”
In the last year M&G Real Estate says it has invested around £400 million in Manchester and Greater Manchester.
B8 Real Estate acted for M&G Real Estate. JLL and DTZ represented Harworth.
