A 564,000 sq ft mid-box development at Bolton’s Logistics North scheme is to go ahead, following funding from a local pension fund.
Lancashire County Pension Fund is to join Harworth as joint developer for a 564,000 sq ft facility at Logistics North, Bolton.
A 31-acre site will be developed for 10 units as the supply of mid-box units in the North West dwindles.
The new units will be constructed in three separate phases. The first phase will see three units – ranging from 45,000 sq ft to 64,000 sq ft – being constructed by the end of December 2017, with Buckingham Group already appointed as principal contractor.
The second phase will deliver six new units – ranging from 19,000 sq. ft to 149,000 sq ft – during 2018, whilst the final unit of 131,000 sq ft will be constructed in the third phase.
The joint venture will be known as Multiply Logistics North Limited
Lancashire County Pension Fund was advised by Local Pension Partnership and Knight Frank Investment Management.
Logistics North is the North West of England’s largest live commercial development, with consent in place to deliver 4 million sq ft of commercial space over 250 acres next to Junction 4 of the M61.
The deal is the seventh at Logistics North in the past three years, following freehold land sales to Aldi, Lidl, MBDA, Joy Global and Exeter Property Group and Harworth’s forward funding agreement with M&G Real Estate to build two new units, known as Logistics 225 and Logistics 175.
Whistl took a 10-year lease on Logistics 225 (pictured) in January 2017 following its practical completion a month earlier.
Since receiving planning consent in December 2013, over 2.5m sq ft of space has been built or is committed to be built at Logistics North, reflecting the strength of the logistics and distribution market in the region.