A MAJOR deal that is set to see land in Ashton-under-Lyne turned into a ‘high-quality business park environment’ has been hailed as a success.
Five units will be built on the 9.3-acre ‘current vacant brownfield’ site after Oryx Real Estate Partners signed contracts.
Leader of Tameside Council, Cllr Eleanor Wills, hit back at claims from Conservative Cllr Liam Billington, insisting the development – which she said came as a result of her much-criticised trip to Cannes in the south of France to attend the MIPIM conference – will benefit the area.
She cited £25 million of investment, the addition of 225 jobs and £330,000 worth of business rates contributions as reasons to celebrate the agreement.
She added: “Proud to see manufacturing and logistics opportunities coming forward here in Tameside.
“Having met Oryx representatives at MIPIM, it’s fabulous to hear what attracted them to investing.
“Creating employment opportunities for residents for years to come and creating high quality employment space supporting economic growth ambitions.”
Oryx will deliver and manage the scheme for investor and development partner Pembury, who did the deal with a private seller, and say the units will range from 9,300 to 54,000 sq ft.
It is hoped they will chieve target EPC A and BREEAM Excellent ratings, which ensure that projects meet sustainability goals and continue to perform well over time.
The deal also includes a secure 1.7-acre plot and a 2,900 sq ft building suitable for a variety of what are called low density uses, including industrial open storage.
“Greater Manchester has been one of the best performing urban markets in the UK and features high up on the shopping list for many investors,” said Oliver Bycroft of Pembury Real Estate.
“Due to a constrained land supply, the Ashton sub-market has seen very little new space delivered for a number of years and we expect to benefit from pent-up demand.”
Johan Eriksson, managing partner at Oryx Real Estate Partners, added: “This transaction marks a strong start for the fund and reflects our focus on well-located, supply-constrained industrial and logistics markets.
“Ashton is a compelling sub-market and we are pleased to be working alongside Pembury to deliver high-quality, sustainable space in an area where occupier demand remains robust.”
Gail White, managing associate in lawyers Trowers’ real estate team, helped advise on due diligence, including a complex title review and the negotiation of purchase documentation.
She said the deal had been a “real team effort”, adding: “It will allow the currently vacant brownfield site to be repurposed, creating high-quality space to support job creation and further economic growth.”