Building work is set to begin on a £15m industrial scheme that has been backed by North West lender Together.
Cheadle-based Together has provided a six-figure development finance facility for a joint venture between property entrepreneur Oliver Morley, of Morley Estates, and Barnfield Construction for the Haydock Green project. The scheme will see a 135,000 sq ft warehouse, manufacturing and office development built on a 6.25-acre site at junction 23 of the M6, with “striking” colour-changing lighting around the edge of the site.
Main contractor Barnfield plans to start work within weeks to complete the project by spring, while the developers say they have had positive discussions with potential tenants.
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Mr Morley said: “This will be the best mid-size distribution centre in the North West and is a unique and rare opportunity because of its visibility from the motorway and the East Lancashire Road.
“I’m delighted that work is now starting on this state-of-the-art high-tech manufacturing and distribution facility with incredibly high-spec offices in a prime and central location next to the M6.
“It has taken years to come to market because of the planning permission to build there. I have been sat on my hands for the past few years because of competition in the market, and the lack of ability to achieve commercially sensible funding to generate a decent profit, because of the froth in the market.
“We expect significant demand for these type of industrial units when they are completed. We’ve already had initial conversations with potential tenants and estimate that the facility could lead to 300 to 400 jobs being created on the site – giving a huge boost to the region’s economy.”
This will be the second phase of development at the Haydock Green site. The first stage, a 373,000 sq ft warehouse, was sold to Warrington Borough Council for £46.5m in 2019. There are also plans for a third phase alongside, including warehousing and a five-storey self-storage unit.
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Tim Webber MBE, chairman of Barnfield Construction, said: “Building quality industrial and commercial units is our expertise here at Barnfield and we are committed to providing long term value, collaborative working and strong relationships with our clients and partners.
“Haydock Green is a perfect example of this, and we are pleased to continue our partnership with Morley Estates and Together. Haydock Green is already one of the most high profile sites in the region and the new speculative unit is another great addition to an already thriving site.
“In 2019 we worked with Morley Estates to deliver a 373,000 sq ft unit which was let to Movianto in one of the largest industrial and logistics deals of the year. Our team is familiar with the site and are currently delivering infrastructure works to the development. We will be working with local sub-contractors to bring this vibrant development to fruition.”
Together has a £7billion loan book. Marc Goldberg, its CEO of sales and distribution, said: “We’re delighted to be able to support Oliver Morley, who has been one of our long-standing clients, in his latest venture.
“We’ve been really impressed with the effort to bring to life the next phase of development at Haydock Green, which will provide an economic boost to the area. It will be a striking industrial complex at one of the North West’s premier commercial locations, which is why we’re not surprised to hear it had already generated interest from major companies even before the build started.”
Jon Thorne, director of B8 real estate, the retained agent for the development, said: “Haydock Green will be a high-profile HQ building in a premiere location fronting the M6 motorway. With a lack of speculative development of this calibre and size under construction in the North West, we have received initial enquiries from interested parties who are looking for a state of the art facility for their organisation.”
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