Industrial giant Gazeley and a joint venture between SEGRO and investor-developer Graftongate are vying for the opportunity to develop as much as 4m sq ft of logistics space in Lancashire.
The two parties are understood to have been shortlisted to partner Harworth Estates – the property arm of UK Coal – on the development of the 200-acre Cutacre site.
The former open-cast mining site, located off the M61 motorway near Bolton, was operational from the 1950s, though mining operations have ceased and the land is being remediated.
Sources say that the final development value of the scheme could be as much as £200m.
SEGRO’s bid for Cutacre comes as it is divesting major multi-let assets across the regions, but is a sign that the developer is seeking large-scale logistics opportunities across the UK.
The Manchester branches of Jones Lang LaSalle and DTZ are running the partnership selection process for Harworth and are expected to make an appointment imminently.
