The £3.2m scheme to transform the Old Mill Estate in School Lane promises to redevelop an area of "tired employment buildings and underused land" into a complex which could boost the local economy by as much as £3.8m a year.
London-based property company Industrials REIT acquired the 55,750 sq ft site in 2018 and is now awaiting planning permission to revitalise the area to bring in new businesses and new employment.
The new units, from 500 to 2,600 sq ft and housed in seven blocks, will be suitable for a range of uses including light manufacturing, online retail, storage, distribution, trade counter and catering service businesses.
Industrials REIT say they hope to complete the project by early 2023.
In a planning statement to South Ribble Council the company says the site "comprises of tired employment buildings and underused land."
"It is intended that the property development will deliver new employment opportunities on this long-established site whilst helping to attract further investment into the Bamber Bridge area."
The company says every unit will by EPC A-rated and features will include EV charging stations, and ground source heat pumps. The site will have electric gates, new fencing, CCTV security and additional parking spaces.
Subject to planning approval work is expected to get underway in May.
Industrials REIT says there is a "significant" need for developments of this type and a strong demand for them "which has resulted in growing rents."
Paul Batho, the company's senior development manager 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.”