Planning has been approved for a 55,750 sq ft multi-let industrial (“MLI”) scheme in Bamber Bridge.Advertisement
Industrials REIT has secured the approval for the scheme at its Old Mill Industrial Estate, which will see it change the existing estate by redeveloping an old industrial building and utilising some vacant land.
There will be 44 new light industrial units, which will vary in size between 500 and 2,600 sq ft, which will be suitable for a range of uses.
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Businesses will be able to use them for light manufacturing, online retailing, storage and distribution, trade counter and catering services.
The redevelopment will achieve a BREEAM Very Good certification, with every unit EPC A-rated and features including EV charging stations and ground source heat pumps. It will also see the provision of several occupier-friendly amenities, including new fencing, electric gates, CCTV security and additional parking spaces.
The redevelopment phase will see the creation of up to 100 new jobs and inject £3.2 million into the local economy. Once operational, the scheme is expected to provide a £3.8 million annual boost to the Bamber Bridge area.
Planning Consent has been granted by South Ribble Borough Council, with the development phase due to commence in May 2022 and completion targeted for early next year.
The Northwest of England industrial market is characterised by a significant supply deficit and strong occupier demand, which has resulted in growing rents. B8 Real Estate reported that 2021 saw 106 investment deals in the region with a total value of £1.3 billion, an increase of 86% on 2020, while letting activity rose by 16 per cent and prime rents by 7.4%.
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Paul Batho, senior development manager at Industrials REIT, said: “This development is aligned with our policy of leveraging the development expertise within our business, recycling older properties beyond their economic life and bringing underutilised parts of our estates into use.
“The highly sustainable design provides for flexible unit sizes and responds to the unprecedented demand we are seeing for new space on this sought after, well-connected estate in the heart of Bamber Bridge.
“We look forward to welcoming over 40 new businesses to Old Mill Industrial Estate later in 2022, creating a significant number of new jobs and a great environment in which to work.”
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