Developers secure funding for Oldham urban warehouse scheme
Developers Chancerygate and Hines have secured funding for their urban warehouse scheme in Oldham, Greater Manchester.
By Liza Helps, Property Editor, Logistics Matters
THE DEVELOPMENT known as Aurora Park, will comprise of 18 leasehold units ranging from 4,700 ft2 to 20,500 ft2 and has a projected gross development value of around £39m. Investec bank has provided a senior development loan to fund the speculative urban logistics development
The facility has been structured to support the delivery of a new Grade A multi-unit urban logistics scheme, delivered through a joint venture between Hines and Chancerygate, with Chancerygate acting as development manager. The scheme will target occupational demand driven by constrained supply across the Greater Manchester urban logistics market, with unit sizes designed to meet a broad range of tenant requirements.
The Oldham financing forms part of Investec’s wider partnership with Hines. Separately to Investec’s sector-wide activity, over the past two years Investec has supported Hines across investment and development facilities for UK industrial and logistics projects totalling just under £300 million in gross development value (GDV).
The Aurora Park scheme is 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 motorway.
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 scheme is targeting EPC A and a BREEAM Excellent rating as a minimum.
Agents for Aurora Park are Davies Harrison Real Estate and JLL.
