Deal clinched for sale of 50-acre site on key business park
CBRE has acted on behalf of Prinovis to sell the freehold of the 627,217 sq ft former printing facility, which occupies a site of around 50 acres within Estuary Business Park, in Speke, for an undisclosed sum.
In addition to the existing 627,217 sq ft facility, the site also has further expansion land of nearly 27 acres.
The site has been acquired by GB Europe and has capability of either using the existing building, or developing a logistics unit of up to approximately one million sq ft.
The exact details on the future proposed use are to be confirmed at a later date, CBRE said.
CBRE’s Industrial & Logistics and Office Agency teams were appointed in March 2023 to sell the major facility and, following a competitive bidding process, completed the transaction within just five weeks of agreeing terms.
The site sits adjacent to Speke’s major global occupier base which includes Jaguar Land Rover, Ford, Seqirus and B&M.
Estuary Business Park is recognised in the North West and beyond as Liverpool City Region’s premier location for manufacturing and logistics, particularly within the Pharmaceutical and Car industries, as well as retail distribution.
Neil Kirkham, Senior Director at CBRE, said: “Having received a significant amount of interest in this site, we are delighted to have concluded this transaction in a five-week period, a real accomplishment in the current market.
“The site has been so widely courted due to its strong location and redevelopment potential, and we look forward to seeing it come to fruition in the coming years.”
Darren Hill, Director at CBRE, said: “With buildings extending to 630,000 sq ft on a site of 50 acres, this sale represents one of the region’s largest transactions in recent years.
“Due to the constrained supply of sites of this nature, this was a real market test, and the level of interest we received illustrates the continued strength of the industrial and logistics sector in the North West.”
CBRE acted on behalf of Prinovis UK Limited, KLIPA acted on behalf of GB Europe.
Prinovis UK is owned by German parent company, Bertelsmann Marketing Services.
In 2022 it announced a managed shutdown of the Liverpool site due to market decline and huge increases in raw material costs, particularly in energy.
The deal was transacted last December and delayed until sign-off by the parent company.
Prinovis is the UK’s last remaining publication gravure printer with sales last year of more than £46m.
