Stoford Developments and Liberty Property Trust have signed a landmark joint development agreement to undertake a phased development/pre-let programme of over one million sq ft of industrial/warehouse space.
When all built out and let, the developments will have an estimated end value of around £100 million.
The agreement comprises eight industrial/warehouse buildings, across four sites in Birmingham, Manchester, Worcester and Widnes, to be developed on a rolling speculative build programme during 2016/17. The buildings will range in size from 40,000 sq ft to 200,000 sq ft.
Work is scheduled to begin on two schemes in Q1 2016, at Worcester Six, with 44,000 sq ft and 162,000 sq ft units, and at Synergi Park, Irlam, Manchester, on units of 40,000 sq ft and 182,000 sq ft. Schemes at Ditton Park, Widnes, and Oldbury, Birmingham, will follow upon receipt of planning anticipated later in the year.
Andrew Blevins, UK managing director of Liberty, said: “This further expansion of our UK industrial and distribution business is entirely consistent with our US corporate strategy of on-going expansion into that sector and builds on our current existing UK portfolio of 1.5 million sq ft of stabilised and development assets.”
Dan Gallagher, joint managing director of Birmingham-based Stoford, said: “This is an extension of our existing partnership with Liberty, with whom we are already working at Liberty Park, Lichfield.
“It seeks to capture a number of opportunities in Stoford’s development portfolio that will offer speculative stock in locations currently with strong demand and little or no supply. There is a firm belief that this is the right time in the cycle to offer this product to the market.”
DTRE advised Liberty Property Trust.
Liberty Park, Lichfield is a £38 million development of 441,000 sq ft of industrial and warehouse units that will create hundreds of jobs in Staffordshire. Work on the infrastructure is making good progress.
Worcester Six is a £120 million business park that will create over 5,000 new jobs and give Worcestershire’s economy a major boost. It will provide up to 1.5 million sq ft of accommodation in a range of high quality units.
