CBRE IM buys Knowsley business park
Network Space has sold Element, a 104,000 sq ft complex at Alchemy Business Park.
Completed by Caddick Construction in 2019, CBRE Investment Management takes control of the Knowsley asset with long term lets to two major tenants in place.
Units one and three total 68,500 sq ft and are let to Mercedes Benz-owned eStar Truck and Van on a 15-year lease.
The remaining 35,000 sq ft shed is let to Amazon on a 10-year lease.
Network Space has retained 17 acres nearby, earmarked for a further 100,000 sq ft at Alchemy Business Park.
“The wider Alchemy Business Park has been a huge success story,” said Joe Burnett, development director at Network Space.
“Element is now a key component of that success, having attracted long-term, high-quality tenants, which also makes it a very attractive investment opportunity for CBRE Investment Management.”
B8 Real Estate acted for Network Space on the sale. CBRE Investment Management was represented by JLL.
Elsewhere in the North West, Network Space is developing the £54m Glass Futures for Abrdn, while plans for a 200,000 sq ft revamp of the former Cartwright headquarters on Atlantic Street in Altrincham have also been lodged.
Element was delivered in partnership with Knowsley Council and Liverpool City Region Combined Authority via a £1.8m Local Growth Fund grant.