Developer disposes of Element section of Knowsley business park
Newton-le-Willows-based commercial real estate developer Network Space has sold Element at Alchemy Business Park, Knowsley, to CBRE Investment Management, for an undisclosed sum.
Completed in 2019, Element is the second phase of development at Alchemy Business Park, located next to the A580 East Lancashire Road and just half a mile from junction four of the M57.
It comprises three modern detached industrial units with integral offices, parking and extensive service yards. The three warehouses total 103,706 sq ft and offer 35,174 sq ft, 22,946 sq ft and 45,586 sq ft, respectively.
Element units 1 and 3 are now the flagship headquarters and dealership for eStar Truck and Van, the Mercedes-Benz commercial vehicle franchise for the North West and North Wales, occupied on a 15-year lease, with Element unit 2 occupied by Amazon on a 10-year lease.
Network Space has retained land of seven hectares for further phases of Alchemy Business Park, including design and build opportunities for units up to 100,000 sq ft.
Joe Burnett, development director at Network Space, said: “The wider Alchemy Business Park has been a huge success story in terms of delivering sustained employment and inward investment benefits for our partners Knowsley MBC and the Liverpool City Region Combined Authority.
“Element is now a key component of that success, having attracted long term, high quality tenants, which also makes it a very attractive investment opportunity for CBRE Investment Management.”
He added: “We are delighted to have completed the sale of Element which concludes a stellar year for Network Space that has included delivery of schemes as well as many significant disposals, acquisitions across the North, including a further 28 acres elsewhere in Knowsley where we will soon be bringing forward more development.”
Element, constructed by Caddick Construction, was delivered in partnership with Knowsley MBC and Liverpool City Region Combined Authority via a £1.8m Local Growth Fund grant. The Local Growth Funding was awarded to the Liverpool City Region Local Enterprise Partnership (LEP) and invested through the Liverpool City Region Combined Authority’s Strategic Investment Fund.
B8 Real Estate acted for Network Space on the sale. CBRE Investment Management was represented by JLL.