Over 240,000 square feet of premium space has been leased at Kingsway Business Park in Rochdale. Spearheaded by the Greater Manchester Pension Fund (GMPF), this initiative highlights the park’s growing appeal.
Cleland McIver, a notable supplier of household textiles, and Solotech, a leading audio and visual technology company, are among the new tenants. Their presence adds to Kingsway’s reputation as a prime location for top-tier businesses.
Significant Lettings at Kingsway Business Park
Over 240,000 square feet of space has been successfully let at Kingsway Business Park in Rochdale. This accomplishment was managed by the Greater Manchester Pension Fund (GMPF). The scheme includes three Grade A, speculatively-built units, named Imperial165 and Imperial76.
A major tenant for Imperial165 is Cleland McIver, a prime supplier of household textiles to UK retailers. Meanwhile, Imperial76 has been leased to Solotech, an international firm specialising in audio and visual technology. Solotech has collaborated with well-known acts like Coldplay, The Killers, and Stormzy.
Location and Building Specifications
The business park is strategically located at junction 21 of the M62, making it highly accessible for logistical operations. Imperial165 offers 165,696 square feet, and Imperial76 provides 76,418 square feet of space.
These lettings build on GMPF’s previous success at Kingsway. In 2022, Monarch330, another unit at Kingsway, was let to Danish Crown, a global food company, encompassing 328,000 square feet.
A Hub for Major Businesses
Cleland McIver and Solotech join an impressive roster of existing tenants at Kingsway. The list includes well-known names like Amazon, ASDA, Dachser, and JD Sports. This highlights the park’s appeal to both national and international businesses.
The presence of such varied and significant tenants underscores the park’s attractiveness. It serves as a strategic location offering excellent facilities for diverse business needs.
Real Estate Agents and Their Roles
JLL acted as the joint letting agent for GMPF on these two significant deals. Joe Bostock, an industrial and logistics associate at JLL, praised the scheme, saying, “Imperial is a great example of a new build scheme that is an attractive proposition for occupiers looking for high quality, sustainable, and well-connected accommodation.”
Cleland McIver and Solotech, existing businesses in the borough, are moving from multiple smaller units into larger and more efficient premises at Kingsway. These moves have achieved new record rents for Kingsway, reflecting the quality and demand for the units.
The remaining unit, which comprises 47,358 square feet, also received strong interest from prospective tenants, further proving the park’s value.
Strategic Investment and Economic Impact
Councillor Gerald Cooney, Chair of GMPF, highlighted the dual benefits of the investment. According to him, the programme aims to deliver commercial returns to meet pension liabilities while positively impacting the local economy. GMPF’s investments focus on areas where the majority of its members live and work.
This approach not only ensures financial returns but also fosters local economic growth. It provides spaces that meet the evolving needs of modern businesses, thereby contributing to regional development.
Advisors and Letting Agents
APAM advises GMPF on the Kingsway scheme, offering strategic insights and guidance. The consulting firm works closely with the letting agents to ensure the scheme’s success.
In addition to JLL, Avison Young and CBRE are also joint letting agents for the project. Their combined expertise helps attract and secure high-calibre tenants for the business park.
Market Trends and Future Prospects
The industrial and logistics real estate market is witnessing an upsurge in demand. High-quality, well-connected spaces like Kingsway Business Park are becoming increasingly desirable.
As businesses continue to evolve, their space requirements also change. Developments like Kingsway are well-positioned to meet these needs, making them attractive for long-term investments.
Future prospects for Kingsway look promising, with potential for further developments and lettings. The continuing interest from major businesses signals a robust and thriving market.
The successful lettings at Kingsway Business Park signify a milestone for the Greater Manchester Pension Fund (GMPF). With tenants like Cleland McIver and Solotech, the park showcases its appeal and strategic importance.
This development not only achieves record rents but also contributes to local economic growth. The park remains a prime destination for both national and international businesses, ensuring a bright future for the area.
