The off-market deal will see Kier, in partnership with Investec develop an industrial scheme under its Trade City brand. The Trade City JV propose to develop a new multi-unit industrial and trade development.
The site is approximately one mile north of Manchester City Centre and forms part of the established Cheetham Hill Industrial area. It is also directly opposite Cheetham Retail Park and adjacent to Manchester Fort Shopping Park.
Subject to planning, the proposed scheme will repurpose existing land to deliver new industrial and trade units which will be designed to high specification offering occupiers flexible and energy efficient space. The scheme will offer businesses in the locality the opportunity to grow and expand which will create new employment opportunities in the area.
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Kier Property's Managing Director, Leigh Thomas commented: "We are delighted with our purchase at Elizabeth Street which offers excellent regeneration opportunities. Elizabeth Street’s employment opportunities are based on the site's excellent location in an established industrial area of the city, Manchester's growing population and the limited supply of modern industrial properties to satisfy the requirements of growing businesses in the Greater Manchester area."
The site has direct access to the city centre via the A665 Cheetham Hill Road. It also provides access to the Manchester & Salford Inner Ring Road and the national motorway networks, being close to junction 3 of the M602 and junction 17 of the M60. In addition, it is also 10 miles north of Manchester International Airport.
This is Kier Property's 48th industrial scheme in the UK and it has schemes in Winsford, Whiteley, Andover and Luton.
