This marks the first step to transform the area into a mini Logistics North, which has provided a massive economic boost to the town
Prime land once occupied by an old kitchen factory will be transformed to create a £40.5m logistics warehouse development for parcel delivery firm Hermes and to attract other big firms to Bolton — bringing hundreds of new jobs to the region.
Investment to redevelop the former Bernstein’s Kitchen Factory has been secured with real estate management firm Barings agreeing to bankroll the ambitious Wingates Industrial Estate development with Panattoni — the largest developer of logistics facilities in Europe.
This marks the first step to transform the area into a mini Logistics North, which has provided a massive economic boost to the town.
The Wingates scheme will include two units.
The first measuring 77,800 sq ft has already been pre-let to Hermes Parcelnet and the second larger property of 280,700 sq ft is being developed speculatively on the prime industrial land.
The development is estimated to create more than 600 jobs.
Darren Hutchinson, managing director and 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, he said.
Matthew Byrom, managing director of Panattoni UK, added: We are delighted to extend further our Pan-European relationship with Barings and continue to be impressed with the quality of the UK Barings team and their ability to execute projects efficiently.
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