Evergreen Fund invests £8.5m in Salford logistics scheme
Real estate investment management firm Vengrove Limited has secured a seven-figure loan to fund a logistics scheme that will create hundreds of jobs in Salford.
The £8.5m speculative development loan provided by the North West Evergreen Fund will enable Vengrove to deliver two logistics units, collectively known as Evolution, on brownfield land at Agecroft Commerce Park.
Work on the project started earlier this month, with Lancashire-based building firm Barnfield Construction appointed as the main contractor.
Once operational, Evolution will provide 200,000 sq ft of logistics space and create an estimated 250-plus jobs.
Vengrove has tasked property firms Savills, DTRE and BC Real Estate with marketing the units and attracting occupiers.
Greater Manchester Combined Authority chief exec Eamonn Boylan said: “This loan embodies Evergreen’s objective of supporting the development of employment space in the North West, creating infrastructure we need for inward investment and economic growth.
“It is really pleasing this this development will create employment opportunities for more than 250 people and see Greater Manchester thrive further.”
The North West Evergreen Fund is managed by real estate services company CBRE’s Debt Investment Advisory team. It provides debt funding for commercial property and regeneration projects across the North West.
CBRE Debt Investment Advisory senior director Will Church commented: “We are delighted to provide support, on a speculative basis, to the last remaining phase of this strategically significant site.
“Logistics is one of the key sectors the Evergreen fund looks to support and it will provide much needed logistics space in the North West, in addition to local employment opportunities and wider socio-economic benefits.”
Evolution is due for completion in Q3 2018.
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →