US-backed property group acquires Knowsley speculative build scheme
A speculative industrial scheme within Knowsley Industrial Estate has been acquired by a US-backed property investor, for an undisclosed sum.
4th Industrial (4i) has agreed the deal for three units comprising more than 131,000 sq ft at a site on Acornfield Road, which is the main spine road through the estate, when they are completed later this year.
B8 Real Estate advised 4i on the deal.
Prime Property Consultancy acted on behalf of the vendor, North West-based developer Acornfield Properties, which originally bought the site from Knowsley Council and has achieved planning permission for a high quality development of three detached units of 52,947 sq ft, 47,155 sq ft and 31,182 sq ft.
B8 Real Estate and CBRE have been appointed as joint lettings agents.
The deal follows 4i’s recent acquisition of Walker Industrial Estate in Blackburn.
The company, which was founded in early 2021, invests in multi-let and light industrial property across identified target markets in the UK.
Knowsley is the second largest industrial estate in the North West after Trafford Park and one of the largest in Europe.
Recent Knowsley deals on which B8 Real Estate advised include the sale of the Alchemy development to CBRE Investment Management for around £15.5m and the sale of an Amazon distribution unit to RTP Global for approximately £29.6m.
Baber Majid, managing director of Prime Property Consultancy, said: “Knowsley is a key industrial location and home to some major UK and international businesses. The willingness to forward purchase speculative developments such as this demonstrates confidence in the future of Knowsley as an investment and employment location.”
Jon Thorne, of B8, said: “This scheme will provide much needed industrial stock into the mid-box sector following the record levels of take up in the region across all size ranges over the past few years.
“It will also further establish Knowsley as one of the most important industrial locations in the region. We look forward to securing good occupiers for the units at strong rental levels.”
