Harworth Group plc will be speculatively developing a new 50,800ft² industrial unit on its last remaining land plot at Logistics North in Bolton which is expected will be ready for occupation by Spring 2021. The unit, which will be built by Caddick Construction on Harworth’s behalf, will be suitable for a range of manufacturing or distribution uses. 11% of its space will comprise a Category A fit-out first-floor office, alongside 45,200ft² of warehouse space. It will be built to Harworth’s high-quality specification, with a BREEAM ‘very good’ rating, six Electric Vehicle charging points and generous yard and car park space.
The build-out is being part-funded by a €3.3m (£3m) Evergreen loan from the Greater Manchester Combined Authority. The North West Evergreen Fund is managed by CBRE’s Investment Advisory team, part of CBRE Capital Advisors. The Fund has been the catalyst for the delivery of over €549.2m (£500m) of employment infrastructure over the last five years and is now in its third investment phase. It is focused on opportunities which meet employment, regeneration, carbon saving and floor space output targets.
Steven Knowles, Regional Director for the North West at Harworth, said: “With good quality available industrial space becoming increasingly scarce across Greater Manchester, we think this is the perfect time to be bringing speculative development to the market. COVID-19 has accelerated the growth of e-tailing and we continue to see a strong appetite for strategically-located space in the market. Our unit offers flexibility to a range of occupiers whilst being within two hours of 60% of the UK’s business and 20 million consumers.”
Will Church, Senior Director of Regeneration Funds at CBRE, added: “The Evergreen Fund is delighted to work with Harworth again given the Company’s previous success in using and quickly repaying loans to accelerate the build-out of infrastructure and new space. Logistics North has become an exemplar development for the North West and we look forward to being part of its future success.”
