Chancerygate has acquired plot 3000 at Broadway Green in Chadderton, near Oldham, to speculatively build 108,662 sq ft of Grade A industrial and urban logistics space.
The developer acquired the 6.58-acre site for £3.8m from FO Developments which is a consortium comprising Oldham Council, Grasscroft Property and Seddon Developments.
The consortium delivered the wider 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 is set to comprise 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.
At present, it has reserved matters consent for three separate units. Chancerygate will be making a new application to Oldham Council within the next two months to modify the design to accommodate their proposed scheme.
Located six-and-a-half miles north east of Manchester, the site has excellent connectivity being approximately one-and-a-half miles from junction 20 of the M60.
Mike Walker, development director and head of Chancerygate’s Warrington office, 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.”
Founded in 1995, Chancerygate is the UK’s largest multi-unit industrial developer and asset manager and the only one operating nationwide. The company currently has up to three million sq ft of industrial space under construction or ready for development across 23 sites ranging from Bournemouth to Edinburgh.
Chancerygate was on advised on the purchase by property consultancy Davies Harrison. Agents for the vendor were JLL, Avison Young and BC Real Estate.