Industrials REIT to join 2 Stockport Exchange

The London-listed developer is to occupy 4,327 sq ft of the six-storey office building, which was one of the first phases to complete at the £147m town centre regeneration.

Industrials REIT will join other tenants at the 61,500 sq ft building, including chemicals firm BASF and law firm O’Neill Patient. A remaining 6,248 sq ft on the ground floor is available to lease.

Muse Developments is the council’s delivery partner for the wider Stockport Exchange, an office-led mixed-use redevelopment of the former Grand Central area into 375,000 sq ft of office space, 28,000 sq ft of retail floor space, a 115-bed Holiday Inn Express, and a 1,000-space NCP car park.

So far, three phases of the project have been delivered: two offices totalling 120,000 sq ft – known as 1 and 2 Stockport Exchange – the car park, and hotel. Further plots at the 130-acre site close to the town’s train station, including the former Cineworld, have been cleared for redevelopment.

Main contractor Galliford Try is on site delivering the latest piece of workspace, a 64,000 office building, together with a 399-space car park with living wall that represents the fourth phase of the scheme. The project is due to complete next summer, according to Muse.

At 2 Stockport Exchange, Industrials REIT will house 26 staff and the building will serve as the company’s regional hub. Listed on the London Stock Exchange, Industrials REIT is an established real estate investment trust that invests in and operates multi-let industrial properties.

It has a portfolio of 103 estates serving the country’s main urban centres.

“Our dedicated regional office in Stockport is of vital importance to our ability to deliver a quality service to our customers and source regional investment opportunities,” said Paul Arenson, chief executive of Industrials REIT.

“Stockport Exchange’s BREEAM Excellent sustainability credentials and its excellent connectivity, both by road and its adjacency to Stockport train station, were both important considerations in making our choice.

“We are looking forward to fitting out the space, mirroring the recent upgrade to our main HQ in London, providing our own creative and agile working environment which is enhanced by the building’s central amenities.”

Tom Webber, senior development surveyor at Muse, added: “We’ve got real momentum here in Stockport and to exchange a deal for Industrials REIT to join this growing community is a proud moment for all involved. It’s also a resounding endorsement of our collective vision with the council.”

Stockport Exchange is “attracting high-quality businesses from a variety of sectors who all see the value of locating their business to Stockport”, said Cllr Colin MacAlister, cabinet member for economy and regeneration at Stockport Council.

Cushman & Wakefield and CBRE are the joint agents for Stockport Exchange. Edwards & Co acted for Industrials REIT in the deal.