Forward funding sparks speculative development
Cabot Properties has secured an off market forward funding deal to partner developer Wilson Bowden in the speculative development of two warehouses in Rochdale in the Northwest.
By Liza Helps Property Editor Logistics Matters
THIS IS the first time the two companies have worked together and the partnership will see two warehouses of 87,000 ft2 and 116,500 ft2 constructed by contractor Glencar at Kingsway Business Park. The units are set to reach practical completion by the end of 2024.
Cabot Properties director Michael Williams said: "We are very pleased to have closed this off-market development funding, partnering with Wilson Bowden Developments to deliver high quality industrial stock into the Greater Manchester region."
The units which will feature PV panels, 10% electric vehicle charging spaces, LED lighting, and aim for an ECP ‘A’ rating and BREEAM ‘Very Good’ status, will be available for lease through B8 Real Estate, which advised Cabot Properties on the transaction. JLL acted for Wilson Bowden.
The Kingsway Partnership is a joint venture involving Wilson Bowden Developments, Rochdale Development Agency, Rochdale Borough Council, and Homes England.
