Auto company agrees 15-year lease on three Deeside Industrial Park units
Three vacant units at Deeside Industrial Park, near Chester, have been let, six months after being purchased by Sandyford Properties.
The UK multi-let industrial property company acquired the units, totaling 70,000 sq ft, from DRB Group. They are located on a four-acre site at 80-82 First Avenue.
Astra Vehicle Technologies, the specialist commercial vehicle engineering company, has taken the units on a 15-year lease.
The company is relocating from its premises in Ellesmere Port, Cheshire, to scale up production of Iveco gas-powered trucks that can provide a 90% reduction in carbon dioxide emissions.
Deeside Industrial Park is located six miles north west of Chester, on the border of England and Wales. It is next to the A550, providing dual carriageway access to junction 16 of the M56 motorway and convenient access to the M53.
This lease contributed to a record quarter for new lettings and lease renewals across the Sandyford portfolio.
In the first quarter of 2024, the company secured 36 new lettings, resulting in a rental uplift of 44% on previous passing rents, which reflects a sustained level of occupier demand for high quality, flexible multi-let industrial space in the North West.
Paul Brindley, managing director of Sandyford Properties, said: “The swift completion of this lease reflects the success of Sandyford’s value-add investment strategy for Deeside and the strength of our asset management team.
“We are looking forward to welcoming Astra Vehicle Technologies and its team to the Sandyford portfolio and supporting the business as it continues to expand.”
John Chadderton, chief executive of Astra Vehicle Technologies, said: “Relocating to Deeside Industrial Park provides us with the flexible space we need in order to support the drive to net zero. This move represents an exciting step for Astra and we look forward to working with Sandyford over the coming years.”
Sandyford was advised by BA Commercial, B8 Real Estate and Hill Dickinson.
