US investor swoops for industrial and logistics scheme
US investor Westbrook Partners has acquired Holbrook Park, currently under construction, to add to its Northburn Logistics platform.
Following its acquisition of six industrial assets across the UK earlier in 2022, the latest addition brings the total square footage to more than one million sq ft across 137 units.
Holbrook Park in Coventry – the multi-let scheme which is being developed by Chancerygate comprises a total of 254,678 sq ft across 31 trade and industrial units ranging in size from 2,153 to 24,649 sq ft.
The scheme is being delivered in two phases, with Phase 1 due to reach practical completion in August this year and Phase 2 to start construction soon afterwards.
David Tew, director in Avison Young’s Industrial Team, and joint agent for the Holbrook Park, said: “The quality specification of the buildings, and continuing levels of limited supply, mean that we’ve already received excellent levels of interest across Phase 1, despite construction not being due to conclude until August. Terms are out on multiple units and a number are already under offer as well.
“The development appeals to a wide range of prominent national companies, together with established local and regional occupiers who are looking to move in to high-quality buildings which also provide a host of environmental benefits. We look forward to working with Northburn and our joint agents in the coming weeks and months in order to convert this strong interest.”
David Collard, managing principal of Westbrook Partners, added: ”We are delighted to have acquired another best-in-class asset for our Northburn Logistics platform, located within an excellent position in Coventry. We are looking forward to working with the excellent team at Chancerygate on the delivery of another high-quality, highly sustainable, logistics development, together with Avison Young and KWB as we lease up the property.”
Other assets within the platform are located in Aston Clinton, Brackley, Leicester, Edinburgh, Leeds and Peterborough, with further acquisitions planned in the coming months.
The latest addition is being marketed by joint agents Avison Young and KWB.
Tudor Real Estate acted for Northburn on the acquisition.
