Property investment company Chancerygate has announced its acquisition of a 6.58-acre plot in Greater Manchester to speculatively build over 100,000 sq ft of Grade A industrial and urban logistics space.
The developer acquired the site in Broadway Green, Chadderton, for £3.8m from FO Developments – a consortium comprising Oldham Council, Grasscroft Property and Seddon Developments.
The consortium delivered the broader Broadway Green development, which is a 121-acre mixed-use scheme on former agricultural land. Once complete, it will provide up to 700,000 sq ft of employment space, 500 new homes and 25 acres of public open space in a linear park.
The Chancerygate development at Broadway Green comprises of two terraces of units ranging from 7,000 sq ft to 15,000 sq ft and one single unit of 25,618 sq ft. Units will be available freehold or leasehold, and the scheme will have a gross development value of around £16m.
Commenting on the site, Chancerygate’s Development Director and head of the firms’ Warrington office, Mike Walker, said: “We are really pleased to have acquired this site. It provides a great opportunity to deliver some much-needed Grade A multi-unit space for Chadderton, Oldham and the wider Greater Manchester region.
“Access to the M60 is excellent, so we believe it will be of interest to a wide variety of occupiers in the manufacturing and urban logistics sectors. One of the critical factors is that the site is oven ready and we should be providing new units during the course of 2022.”