Developer announces £19.8m disposal of Crewe industrial park
Property development and investment company Total Developments has completed the investment sale of Apollo Park in Crewe to Aberdeen Standard Investments for £19.8m, achieving a Net Initial Yield (NIY) of 5.34%.
The sale coincides with the letting of unit one to logistics company, Core Fulfilment, which has agreed a 10-year lease at £6.50 per sq ft on 43,500 sq ft.
Located four miles off Junction 16 of the M6 motorway, Apollo Park comprises 169,000 sq ft of newly-built industrial accommodation across five units ranging from 12,000 sq ft up to 45,000 sq ft.
The final unit is under offer at a headline rent of £6.95 per sq ft and should complete in the coming days.
Legat Owen and M1 Agency acted on behalf of Total Developments.
Aberdeen Standard Investments was advised by CBRE.
Apollo Park is situated on University Way to the east of the established Crewe Gates Industrial Estate and directly north of the recently-built, fully-occupied Orion Park.
Neighbouring occupiers include Bentley Motors, Buffaload, AO.com, Brightstar, Expert Logistics, Fujitsu, Gist, Ipack Chem, Rymans, Euro Car Parks, Topps Tiles, Mornflakes and Bargain Booze.
Ed Chantler, director at Chester-based Total Developments, said: “We have built up a strong track record having speculatively developed and let 320,000 sq ft floorspace in Crewe alone.
“In addition, we currently have approximately 800,000 sq ft of industrial space coming forward in the small to mid-unit sized range across several sites, including Leeds, Reading and Middlewich. We are actively looking at reinvesting our capital in new development sites.”
Matt Pochin, director at Legat Owen, which advised on the sale with M1 Agency and has acted as sole letting agent for the scheme, added: “Recognising that there was a chronic shortage of high quality space in the small to mid-box market in Cheshire, Total Developments took the calculated risk to develop Apollo Park speculatively, a risk that has been rewarded in letting all of the scheme at headline rents for Crewe and all prior to practical completion.”