More than 40 new businesses and around 100 jobs are to be created in a Lancashire town, providing a £3.8million boost to the local economy. 

Industrials REIT, the UK multi-let industrial (“MLI”) property company, has secured planning approval from South Ribble Borough Council for a 55,750sq ft scheme at the Old Mill Industrial Estate, in Bamber Bridge, Preston.

Acquired in 2018, Industrials REIT will transform the site by redeveloping an old industrial building and utilising some vacant land.

The 44 new light industrial units of between 500 and 2,600sq ft will be suitable for a range of uses, including light manufacturing, online retailing, storage and distribution, trade counter and catering services.

The redevelopment will feature EV charging stations and ground source heat pumps, and will see the provision of new fencing, electric gates, CCTV security and additional parking spaces.

Up to 100 new jobs will be created and £3.2million will be injected into the local economy.

Senior development manager at Industrials REIT, Paul Batho, said: “This development is aligned with our policy of leveraging the development expertise within our business, recycling older properties beyond their economic life and bringing underutilised parts of our estates into use.

“The highly sustainable design provides for flexible unit sizes and responds to the unprecedented demand we are seeing for new space on this sought after, well-connected estate in the heart of Bamber Bridge.

"We look forward to welcoming over 40 new businesses to Old Mill Industrial Estate later in 2022, creating a significant number of new jobs and a great environment in which to work.”

Once operational, the scheme is expected to provide a £3.8million annual boost to the Bamber Bridge area.

Planning Consent has been granted by South Ribble Borough Council, with the development phase due to commence in May 2022 and completion targeted for early next year.

The Northwest of England industrial market is characterised by a significant supply deficit and strong occupier demand, which has resulted in growing rents.

B8 Real Estate reported that 2021 saw 106 investment deals in the region with a total value of £1.3billion, an increase of 86 per cent on 2020, while letting activity rose by 16 per cent and prime rents by 7.4 per cent.