Work has started on a 130,340 sq ft Grade A last-mile urban logistics development at Trafford Park in Manchester supported by a joint multi-million pound loan from the North West Evergreen Fund and Trafford Council.
Called Bridgewater Point, units on the 5.6-acre site will be available on a leasehold basis and practical completion is expected in February 2024.
A joint venture (JV) between Chancerygate and real estate private equity firm Northwood Urban Logistics is delivering the scheme. Once complete, it will comprise 16 leasehold units ranging from 5,000 sq ft to 13,000 sq ft.
The development finance loan from the North West Evergreen Fund and Trafford Council will help fund the scheme and enable the delivery of high-quality, sustainable employment premises.
Located at 103 Barton Dock Road, Bridgwater Point sits on one of the most prominent sites in Trafford Park. It also benefits from excellent access to Manchester city centre and is one mile from junction 9 of the M60. Neighbouring occupiers include Kellogg’s, Amazon, L’Oréal and Adidas.
All the units at Bridgewater Point feature electric vehicle charging points and solar cells on their roofs which provide up to 35 per cent of the units’ energy needs. In addition, the units are constructed from high-performance building materials to reduce CO2 emissions. The scheme is targeting an EPC A and BREEAM Very Good rating.
Chancerygate development director and head of its Warrington office, Mike Walker, said: “We are very pleased to start work at Bridgewater Point as it will deliver the first new multi-unit development in Trafford Park for 15 years.
“The fundamentals of Trafford Park as a location continue to make it the prime spot in Manchester, and the wider North West, for urban logistics accommodation.
“The units at the scheme will have stronger sustainability credentials than anything previously developed in the area which will be of interest to occupiers seeking to reduce operational cost.”
Bridgewater Point is being built by large-scale project construction specialists Stainforth, which won a competitive tender for the construction contract.
Commenting on the development loan, Richard Maxwell, director at CBRE Investment Advisory said: “This JV between Chancerygate and Northwood Investors will see a much-needed key logistics development on this prime site in Trafford Park, and we are proud to structure the facility on behalf of our clients Trafford Borough Council and the North West Evergreen Fund.
“In providing this finance the council and the fund are filling a noticeable void in speculative development finance in this region which exists despite strong occupational demand. Bridgewater Point will deliver high quality new business space suited to SMEs and we particularly liked the plans to introduce native hedgerows to improve the site’s biodiversity.”
The North West Evergreen Fund exists to support the delivery of commercial property and infrastructure projects in Greater Manchester, Cumbria, Cheshire and Lancashire. It is managed by CBRE’s investment advisory team, part of CBRE Capital Advisors.
Cllr Liz Patel, Trafford Council’s executive member for economy and regeneration, said: “This scheme will provide high quality sustainable employment premises in a superb location in the centre of Trafford Park and will help provide employment for hundreds of residents from across the borough and Greater Manchester. The loan sits within our Property Investment Portfolio, supporting the local economy as well as providing important revenue to support the delivery of Council services.”
Northwood Urban Logistics is a privately held firm that owns and operates real estate across the US and Europe. The firm currently manages approximately $9bn of investor capital with its Manchester office headed by executive director Richard Pellatt.
Iain Taylor, Director at Northwood Urban Logistics, added: ‘’We are very excited that construction at Bridgewater Point has started at a time when there is a chronic lack of supply in the area.
“The scheme is able to cater to a wide range of occupiers who will be able to adapt the units for a variety of uses. We expect the park to gain a lot of interest, especially due to its prime, high-profile location and excellent amenities.’’
Agents for Bridgewater Point are JLL and Davies Harrison.
You can learn more about Chancerygate’s live projects across the country here.
European Regional Development Fund
The project has received up to £20,000,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.