Orion Park sold for £4.62m

The recently completed speculative warehouse scheme Orion Park in Crewe has been sold by Total Developments to Kames Capital for £4.62m.

The investment business management specialist has acquired the development, which comprises two high-quality buildings offering just over 57,000sq ft.

The announcement comes one month after the scheme was completed and was subsequently let to Core Fulfilment on a five-year lease at £6 per sq ft. The e-commerce order fulfilment firm relocated from Sandbach.

Located on University Way, the high specification units boast excellent location, and four miles from Junction 16 of the M6 Motorway. The accommodation includes open-plan office space, adaptable accommodation, good circulation and parking.

Edward Chantler, managing director, Total Developments, said: “This deal has shown that in the right locations, speculative development can succeed.

“We believe Crewe is a strategic destination for industry and we are delighted to have gained planning consent to begin on site at Apollo Park on University Way, which is next door to Orion Park with our second scheme in Crewe.

“Apollo Park will offer five new build units ranging in size from 15,000 sq ft up to 45,000 sq ft on the 12-acre site.”

Matthew Pochin, director, Legat Owen, which advised Total Developments, said: “The sale of Orion demonstrates the strength of the local economy, with investment in Crewe increasing and industry seeking space there.

“Total Developments purchase of Orion Park was a considered investment and we believe its neighbouring speculative development at Apollo Park, with modern accommodation and open-plan space, will generate equal level of enquiries. Indeed we have already secured one pre-let and one pre-sale at Apollo Park.”

Nick Okell at Savills advised Kames Capital on the purchase of Orion Park.