Specialist developer and investor Network Space has announced that it has sold four property assets comprising more than 400,000 sq. ft of prime industrial and logistics real estate across the north of England to 4th Industrial, a new venture backed by TPG Real Estate Partners.
Included in the deal are mid-box industrial schemes at Tunstall Arrow South in Stoke-on-Trent – an award winning, fully let 126,000 sq. ft scheme on a 28-acre former colliery site completed in 2018 – and the newly completed 110,000 sq. ft Ashroyd Business Park in Barnsley, South Yorkshire.
The deal also includes two light industrial and urban logistics development sites in Liverpool, on which Network Space will deliver 104,000 sq. ft at Estuary Commerce Park and 72,000 sq. ft at Brookfield Business Park. Both schemes will provide a mix of high-quality units which are in short supply.
NSM Property and Asset Management will be retained to manage all sites.
Richard Ainscough, of Network Space, said: “This deal marks the beginning of a new and exciting relationship with 4th Industrial and TPG Real Estate. Partnerships with respected investors are a core part of our business and we look forward to working with 4th Industrial on this and more. Our investors credibility is matched by our own, we specialise in industrial property across the North of England, providing a unique high-quality solution for development, management and origination.”
Derek Heathwood, Managing Director of 4i said: “We are excited to acquire these four high-quality sites. Our strategy focuses on buying quality multi-let light-industrial properties in key UK submarkets. This transaction provides a strong foundation on which to build a platform of scale, placing 4i firmly on the map.”
Michiel Celis, Managing Director at TPG Real Estate said: “We have been impressed with the Network Space team and with the quality of the properties they deliver. This transaction is a first step in what we hope will be a very productive cooperation between 4th Industrial and Network Space.”
Simon Wood, Director at B8 Real Estate, industrial agents for Network Space, added: “We are not only seeing huge investment demand but continued strong occupational demand across the North of England with a really worrying lack of supply of quality schemes such as this coming through. We are really pleased to be involved with such experienced individuals in Network Space, TPG and 4i in forming this partnership to develop out much-needed quality stock and to build out this platform which we believe will be a great success”.
Tunstall Arrow South was the West Midlands’ Regeneration Project of the Year, and one of the most successful recent industrial developments in the region, as part of the Ceramic Valley Enterprise Zone. It is now home to Q-Railing, Boels Rental, Premac-Generac UK, DHL Express and SG Fleet Solutions.
Ashroyd Business Park is located at Junction 36 of the M1, directly off the Dearne Valley Parkway. A speculatively delivered scheme consisting of five industrial units ranging from 11,000 to 53,000 sq. ft.
Brookfield Business Park in Aintree, Liverpool, has consent for a 72,000 sq. ft across 11 units, with easy access to the M57 and A580.
Estuary Commerce Park is the last remaining frontage plot facing Speke Boulevard of the successful wider commercial area. It offers 104,000 sq. ft across 11 units.