Developer forward sells second phase of industrial and logistics scheme
Network Space Developments (NSD) has exchanged contracts to sell the second phase of its Tunstall Arrow scheme in Stoke-on-Trent to 4th Industrial for an undisclosed sum ahead of its completion.
Construction work is progressing on the second phase of the scheme which will provide an additional 111,000 sq ft of industrial and logistics workspace on a 7.3 acre site.
Caddick Construction started on site in November 2021, and is just over halfway through the build, with completion anticipated in the autumn.
Phase two will deliver five high-specification highly sustainable business premises for industrial or logistics uses, ranging from 13,400 sq ft to 31,000 sq ft.
Phase One of Tunstall Arrow, which opened in 2018, was sold by Network Space to 4th Industrial in February 2021.
The scheme proved popular being fully let prior to completion to a host of international tenants including DHL Express, Boels Rental, Q-railing, Pramac Generac and SG Fleet.
Other major occupiers in the area include Churchill China and JCB.
Acquired by NSD in 2013, the Tunstall Arrow scheme covers 28 acres of a former colliery site adjoining the A527 (James Brindley Way) in Sandyford.
Simon Peters, development director at NSD, said: “The Tunstall Arrow development has been a huge success story in terms of delivering sustainable employment and inward investment benefits for Stoke on Trent.
“We are delighted to have exchanged contracts for the sale of Phase Two to 4th Industrial. This is the third scheme they have acquired from us and follows Tunstall Arrow Phase One and Ashroyd in Barnsley. Demand for well-located urban logistics and industrial space is extremely high and interest in Tunstall is strong. ”
B8RE investment director Simon Wood added: “Following on from the sale of Phase 1 it has been fantastic to have been involved in the forward sale of Phase 2. Not only has it been really encouraging to see continued strong investor appetite for high quality schemes such as this but also Tunstall emerging as a really strong and recognised industrial location for investors and occupiers alike. Congratulations to both Network Space Developments and 4th Industrial on another successful deal.”
4th Industrial managing director, Derek Heathwood, said: “We are delighted to have agreed another deal with NSD providing real scale at this prime location. The acquisition of Tunstall phase 2 continues our investment theme of purchasing high quality, multi let industrial estates with strong ESG credentials in key target UK sub-markets. There is already significant interest in the units and we look forward to completing this purchase when the development is at practical completion.”
Tunstall Arrow is a priority development for Stoke on Trent City Council, being one of the six sites in the Ceramic Valley Enterprise Zone. The CVEZ has potential to create up to 6,700 jobs and deliver 3.3 million sq ft of commercial space across six sites along the A500 corridor.