HelioSlough, the joint venture between Helios Properties and Slough Estates, has bought a property on a former BAe Systems site in Chorley, Lancashire, for a 1.3m sq ft industrial and distribution hub.
The company has initially bought 13.2 acres of land for £3.3m, and is contracted on further land that could be drawn down, up to a total of 75 acres.
HelioSlough said it anticipated being able to secure the extra land on the same price basis as its initial purchase.
HelioSlough has bought the site – one of 12 designated as strategically important to the region – after fierce competition from other developers.
Outline planning consent already exists for the development and HelioSlough plans to start work on two buildings of 200,000 sq ft and 100,000 sq ft in the summer.
Andy Gulliford, director of corporate acquisitions at Slough Estates, said: “The site’s strategic location, so close to the M6 and the North West’s major conurbations, will make the development one of the most significant distribution hubs in the region.”
The site is located half a mile from junction 8 of the M61 and two miles from J28 of the M6.
King Sturge advised HelioSlough; Lea Hough & Co represented BAe Systems.
References: EGi News 03/02/06
