American investment company Harbert Management Corporation has started work on a 212,830 sq ft speculative industrial scheme at Heywood Distribution Park.
Consisting of two units of 67,510 sq ft and 145,320 sq ft the development is being constructed by Russells Construction and is expected to be ready for occupation in Spring 2016.
Huw Davies, head of asset management at Harbert Management Corporation, said: “We have enjoyed a very successful period at Heywood, letting over 600,000 sq ft of distribution space within the last 18 months, which has demonstrated the strong demand in the area.
“Although many developers continue to talk about speculative development, we are aware there is nowhere near enough good-quality stock available to satisfy demand and the time is right to bring these two units to the market.
“We are already in discussions with a number of occupiers, which bodes well for the future success of the scheme.”
Letting agents are B8 Real estate, Savills and JLL. Heywood Distribution Park is managed by CBRE Asset Services and currently comprises 1.8 million sq ft of warehouse and industrial space across almost 200 acres.