Joint venture partners Maple Grove Developments and Trebor Developments have exchanged contracts for the acquisition of a 5.3-acre site in Deeside from Legal & General Investment Management Real Assets (LGIM Real Assets) in a deal worth £8million.
Located on Drome Road, Zone 1 on Deeside Industrial Estate, the joint venture has submitted an application to develop an 87,000 sq ft industrial scheme, called Boundary Park. Designed by Coventry-based AJA Architects, the plans include the development of up to four speculative industrial units, ranging in size from 10,279 sq ft up to 50,000 sq ft and built to BREEAM ‘Very Good’ standard.
The development of the site, which sits within the Deeside Enterprise Zone will benefit from funding from the Welsh Government.
Economy and Infrastructure Secretary, Ken Skates has welcomed the development of these new units that will be supported by a Welsh Government Property Development Grant.
He said: “The Deeside Enterprise Zone Advisory Board’s strategic plans highlighted the need for high quality advance units to assist the development of the Zone and I am delighted to support the delivery of this scale of development.
“The availability of ready-to-occupy industrial units can help attract new business, investment and jobs to the area while also providing the opportunity for existing companies in the area to expand and grow their businesses locally so this development really would be great for the local economy.”
Bob Tattrie, Managing Partner, for Trebor Developments on behalf of Trebor/Maple Grove JV commented: “Boundary Park represents the first JV between Trebor and Maple Grove and we look forward to delivering this speculative scheme over the next 12 months. We work on many schemes with grant funding and are grateful to Welsh Government for supporting this major project, without grant funding it could not be delivered”.
The industrial units will be available on a leasehold or freehold basis.
Legat Owen and CBRE acted as agents for LGIM Real Assets on the disposal with JLL as asset managers.
The Joint Venture was not represented on the purchase.
Legat Owen has been retained as joint agents for the scheme with Cushman & Wakefield, Manchester.
