ICG acquires 184,000 sq ft Cheshire salt shed
Stoford has agreed a forward funding deal with the asset manager to create a new warehouse for British Salt in Middlewich.
ICG’s investment, the value of which was not disclosed, will pave the way for a start on site later this month.
Designed by architect Webb Gray, the 184,000 sq ft Faulkner Drive facility will enable British Salt, part of Tata Chemicals Europe, to store salt and sodium bicarbonate products manufactured at its three sites in Cheshire.
“Securing funding for this strategically important warehouse for British Salt is great news,” said Edward Peel, Stoford’s development manager.
“The business has ambitious plans to invest in the region it has called home for more than 50 years. Now that funding and planning approval have been agreed, we’re putting plans in place to start construction work as soon as possible and are looking forward to delivering this warehouse.”
Completion of the project is expected next July.
Chad Brown, managing director at ICG Real Estate, added: “This is an attractive deal for ICG, underpinned by strong real estate fundamentals and favourable lease dynamics, with the firm eager to deploy further capital in the sector across the UK and Europe.”
Stoford and British Salt were both advised by DTRE on the sale.
