Property firms sign £100m development deal

STOFORD Developments and Liberty Property Trust have signed a joint development agreement to undertake a development programme involving more than 1m sq ft of industrial/warehouse space.

The deal includes schemes in Manchester and Widnes.
 
When all built out and let, the developments will have an estimated end value of around £100m.
 
The agreement comprises eight industrial/warehouse buildings, across four sites in Birmingham, Manchester, Worcester and Widnes, to be developed on a rolling speculative build programme during 2016/17.  The buildings will range in size from 40,000 sq ft to 200,000 sq ft.
 
Work is scheduled to begin on two schemes in Q1 2016, at Worcester Six, with 44,000 sq ft and 162,000 sq ft units, and at Synergi Park, Irlam, Manchester, on units of 40,000 sq ft and 182,000 sq ft. 

Schemes at Ditton Park, Widnes, and Oldbury in the Black Country, will follow upon receipt of planning anticipated later in the year.
 
Andrew Blevins, UK managing director of Liberty, said: “This further expansion of our UK industrial and distribution business is entirely consistent with our US corporate strategy of on-going expansion into that sector and builds on our current existing UK portfolio of 1.5m sq ft of stabilised and development assets.”
 
Dan Gallagher, joint managing director of Stoford, said: “This is an extension of our existing partnership with Liberty, with whom we are already working at Liberty Park, 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.”
 
DTRE advised Liberty Property Trust.