Airport City sells under-construction logistics facility for £12.2m

THE Airport City Manchester joint venture has agreed a forward sale of the logistics facility ALPHA to LaSalle Investment Management for £12.2m. 

ALPHA is a 130,000sq ft unit at Airport City’s flagship Global Logistics development and will provide much needed supply in the context of limited new-build industrial space in South Manchester.

ALPHA is being constructed at the heart of Global Logistics and will offer units ranging from 17,500sq ft to 35,000 sq ft, arranged across a single terrace, and with rents of £7.50 per sq. ft. Businesses will be able to move in to their unit from January 2017.

The acquisition of the ALPHA building was made on behalf of the Greater Manchester Pension Fund (GMPF).

Katie Hynard, asset manager at LaSalle Investment Management, said: “This is an excellent example of the acquisitions that we are making on behalf of GMPF, aligned with their strategy for UK investments.

“Average industrial enquiry levels for the north-west region have remained stable over recent years and South Manchester has always proven popular for occupiers due to its proximity to strong road and transport links. 

“As a result, the occupational demand for these units is strong given the limited supply of logistical space of this nature.”

Lynda Shillaw, MAG Property chief executive, said: “This deal to forward sell ALPHA marks yet another positive milestone for Airport City Manchester. We’re continuing to receive strong interest from the occupational market and investor confidence in the development remains strong.”