Two property groups have signed a joint agreement to develop more than one million sq ft of industrial and warehouse units.

Birmingham-based Stoford Developments is working with investor Liberty Property Trust to carry out the phased development which will have an estimated end value of around £100 million once built and let.

The agreement comprises eight industrial buildings across four sites in Oldbury, Worcester, Manchester and Cheshire to be developed on a rolling speculative build programme during 2016/17.

They will range in size from 40,000 sq ft to 200,000 sq ft.

Work is scheduled to begin on two schemes in the first quarter of next year at Worcester Six and at Synergi Park in Manchester.

Worcester Six is a £120 million business park that will create more than 5,000 new jobs and provide up to 1.5 million sq ft of accommodation in a range of units.

Schemes at Ditton Park, in Widnes, and Oldbury will follow upon receipt of planning permission which is anticipated later in 2016.

Andrew Blevins, UK managing director of US group Liberty, said: "This further expansion of our UK industrial and distribution business is entirely consistent with our US corporate strategy of ongoing expansion into that sector and builds on our current existing UK portfolio of 1.5 million sq ft of stabilised and development assets."

Dan Gallagher, joint managing director of Stoford, added: "This is an extension of our existing partnership with Liberty, with whom we are already working at Liberty Park in Lichfield.

"It seeks to capture a number of opportunities in Stoford's development portfolio that will offer speculative stock in locations currently with strong demand and little or no supply.

"There is a firm belief that this is the right time in the cycle to offer this product to the market."

Property consultancy DTRE advised Liberty.