Real estate investment manager Barings has agreed to forward fund Panattoni’s 358,500 sq ft warehouse scheme in Bolton to the tune of £42.5 million.
The project is being delivered on Wingates Industrial Estate, an established logistics and light industrial location, and once completed will comprise of approximately 358,500 sq ft of new Grade A space across two units.
The first unit of 77,800 sq ft has already been pre-let to delivery company, Hermes Parcelnet, on a 15-year lease and will be used as a parcel depot. The second and larger property offers 280,700 sq ft and will be developed speculatively. The entire project is expected to achieve BREEAM “Very Good” certification.
The scheme is located one mile from Junction 6 of the M61.
Darren Hutchinson, Managing Director, Head of UK Real Estate Transactions at Barings, said: “The UK is one of Europe’s most developed online retail markets and the last few months of lockdown have highlighted the resilience and importance of logistics real estate. Demand looks set to continue growing as a result of Covid-19 which has expedited the shift to online.
“The pre-letting of one unit to Hermes has de-risked an element of the project and with a strong degree of occupier interest in the second unit already, we believe this development is well placed to capture the demand for Grade A stock in prime locations in the north west of England.”
Barings was advised by Knight Frank and CMS.