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A joint venture between property firms TPG Real Estate and Stoford Developments has completed a land acquisition deal paving the way for thousands of employment opportunities for the region.
Icon Industrial secured 45-acres of development land at the Global Logistics site – with the potential to deliver 1,000,000 sq ft of logistics space and 5,000 jobs at Airport City Manchester.
Considered to be one of the UK’s biggest joint venture commercial projects, Airport City has so far created more than 2,000 jobs across the 821,000 sq ft already developed.
The Global Logistics deal means 75 acres of Airport City Manchester’s 130-acre total have now been transacted by joint venture partners Manchester Airports Group (MAG), developer BCEGI, construction services giant Carillion and the Greater Manchester Pension Fund.
The development land at Global Logistics, which has outline planning permission for 952,000 sq ft of space to let, will be transformed into a logistics asset with a total development value of around £100m.
Global Logistics is already home to a number of international businesses operating in the sector, including Amazon and DHL.
Elsewhere, work on the £15m Enterprise Way link road is now underway at Airport City North.
Due for completion in February 2018 the road will connect office and hotel development plots within Airport City North to the rest of the site and the wider Greater Manchester transport network.
The £1bn Airport City Manchester development will, once complete, comprise 5,000,000 sq ft across offices, hotels, advanced manufacturing units, logistics facilities and ancillary retail space.