Pair of Liverpool sites sold by Network Space
The industrial developer has sold plots at Brookfield Business Park in Aintree and Estuary Commerce Park in Speke to 4th Industrial, a venture backed by TPG Real Estate Partners, as part of a £40m UK-wide deal.
Network Space has planning consent to deliver 72,000 sq ft of light industrial and logistics space at Brookfield Business Park, close to the M57 and A580.
At Estuary Commerce Park, Network Space has consent to develop the last remaining frontage plot into 104,000 sq ft of space across 11 units. The development site faces facing Speke Boulevard and is part of the wider commercial area around Speke.
Under the sale to 4th Industrial, known as 4i, NSM Property and Asset Management, Network Space’s asset management arm, will be retained to manage the sites.
Also included in the transaction are mid-box industrial schemes at Tunstall Arrow South in Stoke-on-Trent – a 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.
Richard Ainscough, group chief executive and chairman 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 them on this and more.”
And Derek Heathwood, managing director of 4i, added: “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.”
B8 Real Estate acted as the industrial agent for Network Space. B8 director Simon Wood said: “We are seeing huge investment demand and continued strong occupational demand across the North of England with a really worrying lack of supply of quality schemes such as this coming through.
“The partnership between Network Space, TPG and 4i will develop out much-needed quality stock…which we believe will be a great success.”
