Estuary buildings pre-sold for £4.8m

A joint venture between Capital & Centric and Barnfield Construction has sold before completion 80,000 sq ft to business centre operator, Business First, at it Estuary Banks development in south Liverpool.

The development, once complete, will provide 160,000 sq ft of office and storage space.

Business First has purchased two units totalling 80,000 sq ft for around £60/sq ft. The space will be fitted out for use as offices, storage and archiving.

The joint venture started speculative construction last year when few speculative schemes were being built. Estuary Banks is scheduled for completion in August 2012 and consists of four units each measuring 20,000 sq ft on the ground floor with further first floor space.

The development is designed to BREEAM 'excellent' standard encompassing the very latest green technology, materials and design.

The project received £2.54m of European Regional Development Fund money and it is anticipated that it will create numerous new jobs for the area.

The Estuary Banks scheme is located on Estuary Commerce Park, south Liverpool, just off the A561 and adjacent to Liverpool John Lennon Airport.

Tim Heatley, director of Capital & Centric, said: "Business First has previously been successful elsewhere in south Liverpool and we're pleased to be in a position to offer it further growth space at the right time. There are only very few organisations like us speculatively developing stock at present and our strategy of ploughing ahead with building new space for sensible rents is paying dividends for us in our target markets."

Sir Howard Bernstein, deputy chairman of the North West European Regional Development Fund Local Management Committee, said: "This deal is great news for the south Liverpool area and the wider local economy. The high quality facilities created through this project will continue to attract businesses, creating local jobs and opportunities for other local operators."

Barnfield is the contractor and Campbell Driver Partnership the architect. Mason Owen and CBRE are the letting agents.

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