£15m loan for Manchester industrial development

Overview

A £15 million loan to Kier Property to fund the development of a new industrial and logistics development south of Manchester at the Sharston Industrial Estate, Wythenshawe.

The funding will be used to develop Kier’s ‘Trade and Logistics City Sharston’ a 97,578 sq. ft. flexible unit industrial and logistics scheme of grade A warehouse and office space. 

The development is located within an established industrial location and was formally owned by a subsidiary of Siemens. Manchester Airport is a seven-minute drive via the M56. The four-acre site previously housed a 130,000 sq. ft. warehouse building and adjacent office block with car park.

The scheme’s sustainability credentials will target BREEAM Excellent and EPC A ratings. It will also offer private secured yards and parking; electric vehicle charging; solar PV panels, energy efficient lighting and 24-hour access. The development will also pursue certification through Puma’s Impact Lending Framework (ILF). Subject to final completion and the social criteria being achieved, Kier will be entitled to a fee reduction on the loan amount under the terms of the ILF. 

Kier Property, part of the FTSE 250-listed Kier Group plc, specialises in urban regeneration by investing in and developing mixed-use commercial and residential sites across the UK. 

The development is targeting completion in the spring of 2027.