A joint venture (JV) between developer Chancerygate and the global real estate investor, developer and manager Hines has secured planning consent to build 166,500 sq ft of Grade A urban logistics in Chadderton, near Oldham.
Called Aurora Park, the development will comprise of 18 leasehold units ranging from 4,700 sq ft to 20,500 sq ft and has a projected gross development value of around £39m.
The scheme will be located at Broadway Green on the Lydia Becker Way spine road in Oldham. The site is six-and-a-half miles north east of Manchester and close to junction 21 of the M60.
All units at the development will be fitted with electric vehicle charging points and solar panels on their roofs, which will provide occupiers with green energy on an affordable basis.
The units at Aurora Park are being constructed from high-performance building materials to reduce CO2 emissions and occupier operation costs. The scheme is targeting EPC A and a BREEAM Excellent rating as a minimum.
Chancerygate development manager, Andy Farrer, who is based in the company’s Warrington office, said: “Our Aurora Park scheme will help satisfy the strong demand for high specification, flexibly sized urban logistics space that meets the needs of the modern businesses.
“The development’s strategic location in an established industrial site and proximity to key transport infrastructure makes it appealing to a diverse mix of occupiers who serve the locality and wider region.
“Now that planning has been granted, we look forward to starting work at Aurora Park and delivering new high-quality accommodation for the Greater Manchester and the North West.”
Founded in 1995, Chancerygate is the UK’s largest urban logistics property developer and investment asset manager and the only one operating nationwide.
The company has around 1.41m sq ft of urban logistics space under construction or ready for development across 11 sites ranging from Edinburgh to Croydon.
Chancerygate has offices in London, Warrington, Birmingham and Bristol. The business is dedicated to creating high quality, sustainable spaces and is expanding throughout Europe with offices established in Dublin, Madrid, Lisbon and Paris to further enable its growth plans.
Hines manages a combined UK commercial property portfolio worth more than £2bn and has advised on more than four million sq ft of projects acquired, completed or in the pipeline.
Agents for Aurora Park are Davies Harrison Real Estate and JLL.